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Cryptocurrency consultancy firm shut down after investors lost money and director failed to keep proper accounting
- The Insolvency Service has obtained a winding up order against Amey Finance Academy Ltd in the High Court.
- Amey Finance Academy was established by Desmond Amey in 2018 to provide financial education and advice on cryptocurrencies.
- However, some consumers have lost their investments due to false assurances provided by Amey.
- The company also failed to provide updated accounts to investigators, meaning its financial transactions could not be examined.
A company which claimed to offer advice to help people invest in cryptocurrency schemes has been shut down following investigations by the Insolvency Service.
Amey Finance Academy Ltd was dissolved at the High Court in London on Tuesday 30 April.
The company’s sole director and shareholder, Desmond Amey, 42, who describes himself as an expert in wealth creation, had assured consumers that their investments in cryptocurrencies were sound.
However, complaints were made that consumers had lost money in investment opportunities and Amey Finance Academy was classified by the Financial Conduct Authority (FCA) as providing financial services or products in the UK without his permission.
Mark George, chief investigator of the Insolvency Service, said:
Desmond Amey used the Amey Finance Academy to recklessly persuade individuals to invest in cryptocurrency schemes and mislead them about the risks involved in doing so.
His claims to provide financial education and concierge service will be of no comfort to clients who have lost their money in investments he actively encouraged.
The failure to provide adequate accounting documents and the general lack of transparency prevented the Insolvency Service from establishing the true extent of the company’s activities, its assets and liabilities, or the use of the €5 million. pounds sterling that passed through the company’s bank account between October 2019 and March 2022.
The public deserves protection from companies that trade in an opaque and objectionable manner. This is why we have called for the Amey Finance Academy to be closed.
Amey Finance Academy was established in December 2018, stating on social media that it was “an established and successful independent consultancy providing a plethora of financial services”.
The company also claimed to run a cutting-edge education academy.
However, Amey made false representations, assuring a client who subsequently lost all the money invested that their investment would not fall below 90%.
In WhatsApp messages seen by Insolvency Service investigators, Amey told another client the investments were “100 certy” and that he “trust me bro”.
Amey Finance Academy has promoted cryptocurrency programs run by other companies such as HyperFund, which have raised more than $1.7 billion from investors around the world.
Warnings about HyperFund have been issued in the UK and New Zealand, with the company also being investigated by the US Securities and Exchange Commission, which charged its founder with fraud in January 2024 .
In interviews, Amey provided conflicting information about his company’s relationship with HyperFund and said he only used the Amey Finance Academy business bank account to help people buy cryptocurrencies through a separate company called Bleuguava.
Its failure to provide up-to-date accounting documents prevented the Insolvency Service from establishing the true relationship between Amey Finance Academy and HyperFund or Bleuguava.
Further investigations by the Insolvency Service showed that Amey’s electronic signature indicated that he was managing director of Amey Commercial Finance Ltd, which was dissolved in 2017.
His email signature also incorrectly stated that he was authorized and regulated by the FCA, which issued a warning in July 2022 that his business was unauthorized and targeting people in the United Kingdom.
Amey posted a video on YouTube in October 2023, implying that he still had a presence at 1 Canada Square in London’s Canary Wharf. In reality, he had been evicted for non-payment of rent in January of that year.
Amey Finance Academy subsequently failed to register an address with Companies House to receive official correspondence.
The official receiver was appointed liquidator of the company.
All inquiries regarding the affairs of the Company should be addressed to the Official Receiver of the Public Interest Unit: 16th Floor, 1 Westfield Avenue, Stratford, London, E20 1HZ. Email: piu.or@insolvency.gov.uk.
You can report fraud or cybercrime to Action Fraud at any time of the day or night using their online reporting tool.