According to a press release from the UK Insolvency Service, Amey Finance management's negligence in accounting led to the loss of investor funds. The organization positioned itself as a successful consulting company and educational academy, providing many financial services, including cryptocurrencies. However, according to British authorities, Amey Finance promoted dubious cryptocurrency schemes.
Amey Finance Academy was founded in 2018 by Desmond Amey, who was the sole director and shareholder of the company. He called himself a “wealth accumulation expert” and assured clients that their investments in cryptocurrencies were sound. The Amey Finance executive claimed he only used his firm's bank account to help people buy cryptocurrencies through a separate company, Bleuguava.
In addition, Amey made false statements that Amey Finance was licensed by the UK Financial Conduct Authority (FCA). However, in 2022 the FCA said it had not authorized Amey Finance Academy to provide financial services or registered the company. Despite the lack of transparency, law enforcement officers found that at least £5 million ($6.2 million) passed through the company’s bank accounts between 2019 and 2022.
In March, UK authorities announced their readiness to introduce a stricter regime to combat abuses in the cryptocurrency market, in particular, manipulation and insider trading.
Source: Bits
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