UK Crypto Advisory Firm Shuts Down Over Investor Losses, Accounting Neglect
The UK government’s Insolvency Service has shut down a London-based crypto advisory firm that claimed to offer investment advice in cryptocurrencies.
In a London High Court ruling on April 30, Amey Finance Academy Ltd was ordered to close. The company’s sole owner and leader, Desmond Amey (42), who presented himself as a wealth creation specialist, had previously assured customers that their cryptocurrency investments were safe.
Despite Amey’s assurances, customers allegedly lost money in their investments, according to a statement on Monday. This lack of positive returns raised red flags. And in July 2022, the Financial Conduct Authority (FCA) stepped in.
The financial watchdog identified Amey Finance Academy as an unauthorized provider of financial services or products in the UK, warning against dealing with it.
The firm’s founder Amey didn’t return Cryptonews’ request for comment by press time.
Established in Dec. 2018, Amey Finance Academy advertised itself on social media as “an established and successful independent consultancy providing a plethora of financial services.” The company also claimed to operate a leading education academy within the industry, the Insolvency Service said.
However, Amey made false assurances, guaranteeing one customer who later lost all their invested funds that their investment would not fall below 90%.
In WhatsApp messages investigators reviewed, Amey assured another customer that the investments were “100 certy” and urged them to “trust me bro.” Additionally, Amey Finance Academy promoted crypto schemes conducted by other firms such as HyperFund, which raised over $1.7b from investors globally.
Further, Amey posted a video on YouTube in Oct. 2023, suggesting that the office still maintained
