The closure of Amey Finance Academy, a UK-based crypto advice firm, highlights a troubling case of deceit in the cryptocurrency sector. The firm, led by Desmond Amey, a self-styled ‘wealth creation expert,’ was forcibly shut down following a High Court ruling due to its dubious practices and false assurances that led to significant investor losses.
Amey Finance Academy came under scrutiny for its irresponsible promotion of risky cryptocurrency investments. Desmond Amey assured investors of high safety and profitability, using phrases like “100 certy” and urging them to “trust me bro,” which ultimately led many to incur substantial financial losses. One investor was promised that their investment value wouldn’t drop below 90%, yet ended up losing everything. This lack of transparency and misleading communication prompted an investigation by the UK’s Insolvency Service.
Further exacerbating the firm’s troubles, Amey was implicated in promoting HyperFund, later known as Hyperverse—a notorious Ponzi scheme that swindled investors out of approximately $1.7 billion globally. This scheme, despite being flagged as potential fraud by the Australian Securities and Investments Commission (ASIC) to Victoria police in 2020, was not acted upon promptly, allowing the fraud to persist for two additional years.
Legal and Regulatory Consequences
The misleading practices extended to Amey’s self-representation. He falsely claimed in communications and promotional materials to be regulated by the Financial Conduct Authority. Additionally, he misrepresented his business premises, claiming to maintain an office at a prestigious address in London’s Canary Wharf, whereas he had been evicted from the location due to non-payment.
The culmination of these actions led to the firm’s liquidation, ordered by the UK’s High Court on April 30, as the company failed to provide sufficient records or transparency, preventing accurate assessment of its full scope of activities. This case serves as a cautionary tale highlighting the critical need for due diligence and the potential dangers of unregulated investment advice within the rapidly evolving cryptocurrency markets.