Authorities in the United Kingdom have officially shut down a crypto academy, alleging that its founder used the platform to "recklessly persuade" people to participate in loss-making investment schemes, including an alleged $1.7 billion cryptocurrency Ponzi.
According to The Insolvency Service, a UK government agency, Amey Finance Academy provided investment advice for several cryptocurrency schemes.
However, many clients lost their entire investments due to misleading promises made by the academy's sole director and shareholder.
Investigators revealed Amey allegedly told one client that his investment would not fall below 90%, but instead, he lost everything.
The closure came two weeks after the Insolvency Service obtained a winding-up order against Amey's company in the UK High Court on April 30.