As an analyst with a background in investigative journalism and experience in covering the cryptocurrency industry, I find the shutdown of Amey Finance Academy by the United Kingdom authorities deeply concerning. The allegations that Desmond Amey used the academy to recklessly persuade individuals to invest in cryptocurrency schemes and mislead them about the risks involved are alarming.
The UK government has formally closed down a cryptocurrency institute, alleging that its founder coaxed individuals into risky investment ventures resulting in significant losses, including an suspected $1.7 billion crypto scam labeled as a “Ponzi scheme.”
Based on information from the UK’s Insolvency Service, Amey Finance Academy reportedly provided guidance to individuals considering investments in different cryptocurrency projects. Unfortunately, some clients suffered significant losses due to misrepresentations made by the company’s sole director and proprietor.
As a researcher examining WhatsApp conversations, I came across a message from Amey in which he reportedly assured one client that their investments were “one hundred percent certain” and urged them to put their trust in him.
According to reports, Amey made a claim to another investor that their funds would not drop below 90%, but unfortunately, they ultimately lost all of their initial investment.
Mark George, the chief investigator at the Insolvency Service, stated that Desmond Amey exploited Amey Finance Academy to persuade people imprudently to invest in cryptocurrency ventures and misinform them about the potential risks involved.
As a researcher, I’d express it this way: Two weeks ago, the Insolvency Service obtained a winding-up order against Amey’s company at the U.K. High Court on April 30.
One method to rephrase this statement in a clear and conversational tone is: The company endorsed a questionable cryptocurrency project called HyperFund, later identified as HyperVerse. Australian regulators failed to intervene despite signs of potential Ponzi scheme activities for approximately two years.
Two key figures at HyperVerse, identified as its leading operators, have recently faced charges from the US securities regulatory body. The accusation is that HyperVerse orchestrated a deceitful scheme worth over $1.7 billion.
Due to Amey not keeping accurate and current accounting records, the Insolvity Service was unable to clearly determine the connection between Amey Finance Academy and HyperVerse.
As a crypto investor, I can tell you that the lack of transparency in this situation left me feeling powerless and compelled action. Consequently, I had to watch as the Insolvency Service pursued a wind-up order to address the issue.
“The public deserve protection from companies trading in an opaque and objectionable manner which is why we applied to have Amey Finance Academy shut down.”
Approximately 5 million British pounds, or around 6.3 million US dollars, were processed through Amey Finance Academy’s banking account from October 2019 to March 2022. However, it was impossible to determine the value of their assets and liabilities during this period.
Since December 2018, Amey’s consulting firm has been operational, boasting a solid track record and offering a wide range of financial services independently.
CryptoMoon reached out to Desmond Amey for comment.
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2024-05-15 03:27