The High Court of London Orders Closure of Amey Finance Academy
The High Court of London has ordered the closure of the company Amey Finance Academy after its founder, Desmond Amy, was implicated in fraudulent practices. The firm provided consultations in the field of cryptocurrencies using deceptive and opaque methods, such as advice like «trust me, bro» and «100% legit».
Reasons for Closure
Amey Finance Academy, managed by the sole director and self-proclaimed «wealth creation expert», was liquidated on April 30, 2024. The reason for the closure were allegations that Amy «irresponsibly persuaded people to invest in cryptocurrency schemes and misled them about the risks».
Fraudulent Schemes
The company failed to provide proper financial reporting and demonstrated a lack of transparency, which hindered the UK Insolvency Service from determining the true extent of its activities. Investors report that their money was lost after Amy assured them of the reliability of his schemes, including claims that investments would not fall below 90%.
HyperFund Project Scandal
One of the promoted projects was HyperFund (later renamed Hyperverse), an Australian financial pyramid in which investors had invested $1.7 billion. In Australia, this project faced legal problems and was initially flagged as a fraudulent scheme back in 2020.
Legal Troubles
Following an investigation by the Australian Securities and Investments Commission (ASIC), it was found that the company was led by a fictitious CEO. In January 2024, the US Securities and Exchange Commission accused founder Sam Lee of fraud.
Importance of Caution
The closure of Amey Finance Academy and the exposure of its fraudulent practices underscore the importance of caution and proper regulation in the cryptocurrency industry.
