Court decision and closure of the crypto academy
Date: 2024-05-15 Author: Gabriel Deangelo Categories: BUSINESS
The UK Insolvency Service (TIS) has secured a court order to liquidate crypto academy Amey Finance Academy following complaints from investors who lost around $6.3 million.
Amey Finance Academy, founded by Desmond Amey in 2018, provided advice on investment in crypto assets. It was founded and led by the company's sole shareholder, Amy himself.
Accusations and damages
Despite positioning itself as a consulting firm, Amey Finance Academy did not have the appropriate license. Services were provided without proper accountability. Approximately $6.3 million passed through the organization's accounts from October 2019 to March 2020.
Amey promoted the HyperFund project, which was accused of fraud of almost $2 billion. The investigation into the connection between the crypto academy and HyperFund is hampered by a lack of documentation and records.
Reaction and implications for investors
Victims who were confident in the stability of their investments lost their savings. Amy promised that investments would fall no more than 10%, but some clients lost their entire investments.
Amey Finance Academy was the subject of allegations and a court ruling after investors were left without funds due to improper operations and insufficient licensing.
