Reform UK Councillor Promoted $1.9bn HyperVerse Crypto Fraud Scheme
Susan Lawrence, a key UK promoter of the alleged HyperVerse Ponzi scheme, now sits on a city council audit committee overseeing public finances.
A Reform UK councillor who was among the leading British promoters of an alleged cryptocurrency fraud has been elected to Wolverhampton city council and placed on its audit and risk committee, raising governance concerns about oversight of the authority's multimillion-pound budget.
Susan Lawrence played a prominent role in marketing HyperVerse, a cryptocurrency scheme that US court documents describe as an alleged pyramid and Ponzi operation. According to those filings, the scheme defrauded investors around the world out of a combined $1.89 billion, with victims reportedly suffering severe financial and psychological harm, including suicidal ideation.
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Lawrence's appointment to the audit and risk committee is particularly notable given that body's responsibility for scrutinizing the financial reporting and risk management of a major local authority. Audit committees are designed to act as a safeguard against financial mismanagement, making the background of their members a matter of public interest.
HyperVerse attracted a global following before collapsing, leaving participants with heavy losses. The scheme's characterization in US legal proceedings as both a pyramid and a Ponzi structure suggests authorities believe it relied on recruiting new investors to pay earlier ones rather than generating legitimate returns.
Reform UK has faced growing scrutiny over candidate vetting procedures since its surge in local election results. Lawrence's election and subsequent committee assignment are likely to intensify questions about how the party evaluates prospective councillors before they take on roles with direct oversight of public funds. Continue reading at Business | The Guardian.
