Documented Case

Amey Finance Academy Ltd

A UK cryptocurrency 'education' company promoted crypto investment schemes, including HyperFund. The Insolvency Service raised concerns about the assurances given to consumers and about the company's accounting records, and it was wound up in the public interest.

Investment type: Cryptocurrency 'education' and investment promotion
Documented investor losses: Investigators identified a £5m transfer that could not be accounted for; individual investor losses reported
Date / period: Wound up in the public interest in 2024
Relevant organisation: The Insolvency Service / High Court
Nature of the matter: Insolvency — winding-up following investigation into accounting records

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Background

Amey Finance Academy Ltd was a UK-registered company operating as a cryptocurrency education and advisory business under a sole director.

The company presented itself as an industry-leading academy providing training and guidance to consumers wishing to invest in cryptoassets.

It came to the attention of the Insolvency Service following concerns raised about the treatment of consumers and about the state of the company's books and records.

What investors were promised

The Insolvency Service reported that consumers were given strong assurances about the safety and performance of the investments promoted to them, including statements that investments would not fall below a stated level.

Those assurances were made in relation to cryptoasset schemes over which the company had no control.

How the scheme operated

The company marketed educational and advisory services and directed customers towards third-party cryptocurrency investment schemes, including HyperFund — a global cryptocurrency scheme that subsequently collapsed and has been the subject of enforcement action in other jurisdictions.

Customers therefore committed funds to third-party schemes on the strength of assurances given by a UK company that was not authorised to advise on investments.

What happened to investors

Consumers reported losing the money they had committed, in at least one documented instance the whole of their investment.

The Insolvency Service investigation found the company had failed to maintain or deliver up adequate accounting records, and identified a transfer of approximately £5m that could not be explained by the records available.

Insolvency and legal developments

Amey Finance Academy Ltd was wound up in the public interest by the High Court in 2024 following the Insolvency Service investigation.

The failure to keep proper accounting records was central to the action taken.

What the case demonstrates

The case shows how a UK-registered 'education' or 'academy' business can operate as a promotional route into an offshore scheme, lending an appearance of domestic legitimacy to a product that carries none.

It also demonstrates that a company's failure to keep proper accounting records is, in itself, a sufficient basis for winding-up proceedings in the public interest.

Key Lesson

Education and mentoring businesses are not authorised investment advisers. Assurances about performance given by an unauthorised promoter carry no regulatory protection.

Source & Further Information

Cryptocurrency advice firm shut down after investors lost money and director failed to keep proper accounts
The Insolvency Service (GOV.UK) — published 2024
View the official source

These case studies summarise matters recorded in public sources including FCA publications, Insolvency Service and Serious Fraud Office material on GOV.UK, court judgments and the Companies House register. They are provided for information only, are not legal advice, and do not describe work carried out by BJM Recovery Ltd for any client. Where an investigation or set of proceedings remains open, the position stated is the position recorded at the date of the cited source.

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How We Approach Investment Loss Cases

Every investment recovery matter is assessed individually. The circumstances of the investment, the available evidence, the parties involved and the applicable recovery process will determine the appropriate course of action.

Our starting point in any matter is the documentation. We reconstruct the investment chronologically from agreements, payment records, statements, correspondence and marketing material, and we establish precisely which entities and individuals were involved at each stage, and in what capacity.

We then examine what is on the public record: the Companies House position, any insolvency appointments, regulatory publications, enforcement action and court proceedings. Public records frequently determine which routes remain open, whether that is a creditor claim in an insolvency, a claim against a regulated party in the advice or pension chain, participation in a distribution administered by a regulator, or civil proceedings.

Where a matter has been formally referred to us, we deal with the referring organisation directly and work within the process that applies to that referral.

If you have lost money through an investment that has failed, become insolvent or stopped communicating, we can review the information available and set out the position clearly.

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Have you experienced something similar?

Investment losses can be complex and every situation is different. If you have lost money through an investment that has failed, become insolvent or stopped communicating, our team can assess the information available and discuss the potential next steps.

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