Kingdom

Ponzi

United

The United Kingdom authorities have shut down the Amey Finance Academy, a cryptocurrency academy, after allegations of fraudulent investment schemes. The Insolvency Service disclosed that Desmond Amey, the academy’s founder, allegedly convinced individuals to engage in risky investments via the platform, resulting in substantial losses for some.&nbsp;
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Source:<a href="https://www.gov.uk/government/news/cryptocurrency-advice-firm-shut-down-after-investors-lost-money-and-director-failed-to-keep-proper-accounts" target="_blank" rel="noopener noreferrer nofollow"> Insolvency Service</a>
The closure is a result of the fact that the consumers were charged directly in the pocket by Amey with its offensive. In the WhatsApp messages seen by the investigators, Amey allegedly promised the customers that their investments were secure, even though some of them ended up losing everything. However, Amey failed to provide up-to-date accounting records, preventing the Insolvency Service from accurately assessing the company’s financial status.
The Amey Finance Academy was the creditor of the cryptocurrency schemes promotion including HyperFund, which later became the target of the Ponzi scheme allegations. Although Amey did not admit his direct involvement in the scandal, his inability to give a detailed accounting record of the Academy’s relationship with the allegedly fraudulent activities raised concerns.&nbsp;
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UK Shuts Down Crypto Academy Amid Fraud Allegations

The Crypto Times

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