False Crypto Advice Company Exposed
The UK government has closed down a crypto advisory firm called Amey Finance Academy Ltd. for misleading investors and losing their money.
Scheme-Promoting Director
Desmond Amey, the sole director of the company, claimed to be a “wealth creation expert” and promised investors that their crypto investments were “solid.” However, investors reported losing money in the schemes promoted by the firm.
Unlicensed Operation
Despite claiming to be licensed by the Financial Conduct Authority (FCA), Amey Finance was operating without authorization. The FCA warned investors in 2022 that the company was offering financial services without being registered.
Reckless Investments
According to Mark George, the Insolvency Service’s Chief Investigator, Amey “recklessly persuaded individuals to invest in cryptocurrency schemes and mislead them about the risks.”
Missing Records
The firm failed to provide up-to-date accounts during the investigation, making it difficult to determine the full extent of their activities. However, at least £5 million was found to have passed through the company’s bank accounts between 2019 and 2022.
‘Trust Me Bro’ Director
Amey misrepresented the investment opportunities, assuring customers that their investments would not fall below 90%. He also promoted crypto schemes run by other companies, including HyperFund, which raised billions worldwide and was investigated for fraud by the US Securities and Exchange Commission.
Lies and Eviction
Amey’s contradictory statements and email signature claiming to be the Managing Director of a dissolved company raise questions about his credibility. He was also evicted from the company’s London address despite claiming to still have a presence there.
Consequences
Amey’s actions resulted in millions of pounds lost for investors and the shutdown and liquidation of his company.
