UK shuts down ‘Trust Me Brother’ crypto firm that gave terrible advice to clients
UK authorities have officially shut down a crypto academy, including a $1.7 billion crypto “Ponzi”, saying its founder “recklessly” used it to convince people to participate in bankrupt investment schemes.
According to the UK government agency Insolvency Service, Amey Financial Academy has provided advice to people looking to invest in various cryptocurrency schemes. However, some clients lost their entire investment based on misleading promises made by the company's sole director and shareholder.
In WhatsApp messages seen by investigators, Em told a client that their investment was “100% proof” and said, “Trust me bro.”
Amy told another client that their investment would never go below 90% – but they ended up losing everything.
Insolvency Service chief investigator Mark George said: “Desmond Ame recklessly used the Ame Finance Academy to persuade individuals to invest in cryptocurrency schemes and the risks involved in doing so.
The bankruptcy service comes two weeks after the UK High Court on April 30 secured a winding-up order against Ame.
One of the cryptocurrency schemes introduced by the company, HyperFund – later known as Hyperverse – was a Ponzi scheme that went unchecked by Australian authorities for two years.
Two of the leading operators behind HyperVerse have been charged with securities fraud in the United States.
Related: OneCoin's legal chief sentenced to 4 years in prison for massive $4 billion fraud
However, Amey's failure to provide up-to-date accounting records meant that the Insolvency Service could not establish a true relationship between Amey Finance Academy and Hyperverse.
This lack of transparency left the bankruptcy service with no choice but to seek a winding-up order, George explained.
“The public needs to be protected from companies that do business in an opaque and abusive manner, which is why we are proposing the closure of Amey Finance Academy.”
Between October 2019 and March 2022, about $6.3 million (GBP 5 million) passed through Amey Finance Academy's bank account, but the company's assets and liabilities could not be identified.
Amy's Company, launched in December 2018, is an “independent consultancy offering comprehensive and successful financial services”.
Cointelegraph contacted Desmond Amin for comment.
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