Wolverhampton councillor linked to HyperVerse promotion faces scrutiny over audit role

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Wolverhampton councillor audit role

Highlights

Susan Lawrence, a Wolverhampton councillor, promoted HyperVerse cryptocurrency after FCA warnings, and now serves on the council's audit and risk committee.
Lawrence worked with Desmond Amey and promoted other schemes tied to alleged HyperVerse co-founder Sam Lee, who was charged in the U.S. with civil and criminal offences in 2024.
Some investors suffered severe financial and mental health impacts, the UK high court shut down a related company, and Reform UK faces scrutiny over Lawrence's vetting.

HyperVerse promotion and council oversight role

As first reported by The Guardian, Susan Lawrence, now an elected councillor in Wolverhampton, was among the UK promoters of HyperVerse, a cryptocurrency scheme that spread across the UK and the U.S. from 2020 to 2022 before collapsing. Lawrence has not personally been accused of wrongdoing by authorities, but she continued to promote HyperVerse or later versions of the network after the Financial Conduct Authority warned that the firm might have been offering financial services or products without permission.

Lawrence now sits on Wolverhampton City Council's audit and risk committee, which reviews governance, risk management and financial reporting tied to a multimillion-pound budget. In a 2022 presentation, she addressed community members who were concerned that they could no longer access funds they had invested in the scheme.

The article says Lawrence appeared in promotional videos and webinars for the project and worked alongside Desmond Amey, identified as a key UK-based promoter. She is also linked in the report to other cryptocurrency schemes associated with alleged HyperVerse co-founder Sam Lee, an Australian bitcoin entrepreneur who moved to Dubai in 2021.

Regulatory and political implications

U.S. authorities charged Lee in 2024 with civil and criminal offences tied to the HyperVerse schemes, and he has denied the charges. The report says Lawrence later promoted related investment platforms, including one that was the subject of a U.S. federal cease and desist order describing it as a fraudulent pyramid and Ponzi scheme with no apparent source of revenue beyond investor funds.

Some investors who borrowed from banks to buy into HyperVerse said they felt suicidal after being unable to withdraw their money, and there were cases of self-harm, according to the report. The UK high court also acted to shut down a company used by Amey to funnel millions of pounds into the platforms.

A Reform UK spokesperson said Lawrence was herself a victim who lost her pension and tens of thousands of pounds in a scheme she believed was genuine, and later became involved with HyperNation in an attempt to recover losses. The party did not answer a question on whether its vetting process had identified her background, as Reform faces renewed pressure over the conduct and screening of councillors and candidates.

Our earlier coverage of Chancellor John Healey’s pre-Budget stance highlighted his commitment to an IMF-backed deficit-reduction path ahead of the October 28 fiscal package, alongside signs of modest resilience in the latest UK GDP data. We also noted the intensifying political debate over how to balance fiscal discipline with growth support and investor confidence as the Budget approaches.

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