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A British firm offered cryptocurrency investment advice to ‘100 Certainty’; Obtains the liquidation order
A UK court has ordered the liquidation of Amey Finance Academy, which offered cryptocurrency investment advice, after many of its clients lost their money. The company also had ties to a $1.7 billion crypto Ponzi scheme and told one of its clients that his advice was “100 certainty” and “trust me, bro.”
The UK’s Insolvency Service, which was investigating Amey Financial, obtained the closure order from the High Court in London. THE Financial Conduct Authority (FCA ) also intervened to highlight that the company was “providing financial services or products” without his authorization.
According to the Insolvency Service, Amey was founded in December 2018 by its sole director and shareholder, Desmond Amey, 42, who described himself as a “wealth creation expert.”
However, many consumers of the investment advisory firm have complained of losing money on investment opportunities. A client who lost all the money invested was assured by the company that the investment would not fall below 90%.
“Desmond Amey used the Amey Finance Academy to recklessly persuade people to invest in cryptocurrency schemes and mislead them about the risks of doing so,” said Mark George, chief investigator at the Insolvency Service.
“His claims to offer financial education and concierge service will be of no comfort to customers who have lost their money in investments he actively encouraged.”
Controversial ties
Aside from the biased investment advice, Amey Financial also promoted the schemes of HyperFund, which raised more than $1.7 billion from investors globally but turned out to be a Ponzi scheme. Authorities in the UK and New Zealand have warned against HyperFund, and the US Securities and Exchange Commission has also charged HyperFund’s founder with fraud.
The Insolvency Service also revealed that the owner of Amey Finance provided conflicting information about his company’s relationship with HyperFund and claimed to have used his company’s corporate bank account to help people buy cryptocurrencies through a separate company, Bleuguava. However, he did not provide any updated accounting documentation and therefore the authority could not establish the true relationship between the companies: Amey Finance and HyperFund or Bleuguava.
“The failure to provide adequate accounting records and the general lack of transparency prevented the Insolvency Service from establishing the true extent of the company’s activities, its assets and liabilities, or the use of £5 million which passed through the company’s bank account between October 2019 and March 2022,” George added.
A UK court has ordered the liquidation of Amey Finance Academy, which offered cryptocurrency investment advice, after many of its clients lost their money. The company also had ties to a $1.7 billion crypto Ponzi scheme and told one of its clients that his advice was “100 certainty” and “trust me, bro.”
The UK’s Insolvency Service, which was investigating Amey Financial, obtained the closure order from the High Court in London. THE Financial Conduct Authority (FCA ) also intervened to highlight that the company was “providing financial services or products” without his authorization.
According to the Insolvency Service, Amey was founded in December 2018 by its sole director and shareholder, 42-year-old Desmond Amey, who described himself as a “wealth creation expert.”
However, many consumers of the investment advisory firm have complained of losing money on investment opportunities. A client who lost all the money invested was assured by the company that the investment would not fall below 90%.
“Desmond Amey used the Amey Finance Academy to recklessly persuade people to invest in cryptocurrency schemes and mislead them about the risks of doing so,” said Mark George, chief investigator at the Insolvency Service.
“His claims to offer financial education and concierge service will be of no comfort to customers who have lost their money in investments he actively encouraged.”
Controversial ties
Aside from the biased investment advice, Amey Financial also promoted the schemes of HyperFund, which raised more than $1.7 billion from investors globally but turned out to be a Ponzi scheme. Authorities in the UK and New Zealand have warned against HyperFund, and the US Securities and Exchange Commission has also charged HyperFund’s founder with fraud.
The Insolvency Service also revealed that the owner of Amey Finance provided conflicting information about his company’s relationship with HyperFund and claimed to have used his company’s corporate bank account to help people buy cryptocurrencies through a separate company, Bleuguava. However, he did not provide any updated accounting documentation and therefore the authority could not establish the true relationship between the companies: Amey Finance and HyperFund or Bleuguava.
“The failure to provide adequate accounting records and the general lack of transparency prevented the Insolvency Service from establishing the true extent of the company’s activities, its assets and liabilities, or the use of £5 million which passed through the company’s bank account between October 2019 and March 2022,” George added.