In a surprising turn of events, Susan Lawrence, a former promoter of the collapsed HyperVerse cryptocurrency scheme, has been elected as a Reform UK councillor for Wolverhampton. Lawrence now serves on the council’s audit and risk committee, which is responsible for overseeing the city’s multimillion‑pound budget and ensuring proper governance and risk management.
The HyperVerse scheme, which operated from 2020 to 2022, was described in U.S. court documents as a pyramid and Ponzi scheme that defrauded investors worldwide of approximately $1.89 billion (£1.41 billion). The scheme targeted not only U.K. and U.S. investors but also individuals in developing countries across Asia, Africa and the Pacific. Many participants took out loans to purchase investment packages, and when the scheme collapsed they were unable to withdraw their funds. Reports indicate that some victims experienced severe emotional distress, with cases of self‑harm and suicidal thoughts documented.
Lawrence was a prominent figure in promoting HyperVerse. She produced promotional videos and webinars, and in 2022 addressed community members who were concerned about their inability to access their investments. Despite a 2021 warning from the U.K. Financial Conduct Authority (FCA) advising consumers to avoid dealing with the firm, Lawrence continued to market the scheme and its subsequent variations.
While no formal charges have been brought against Lawrence, her involvement in the scheme has raised concerns among the public and regulators. The FCA’s warning highlighted that HyperVerse may have been offering financial services without the necessary regulatory approval.
Lawrence’s new role on the audit and risk committee places her in a position of significant influence over financial oversight in Wolverhampton. The committee’s mandate includes reviewing governance practices and ensuring the integrity of the council’s financial reporting. Critics argue that her past association with a major financial fraud could undermine public confidence in the council’s financial stewardship.
Lawrence’s election underscores the broader issue of how individuals with questionable financial backgrounds can ascend to positions of public trust. It also highlights the need for robust vetting processes within local government bodies to safeguard against potential conflicts of interest and to protect the financial interests of taxpayers.
Source: The Guardian World
Read the original article
Editorial note: This is an original news report prepared from the attributed source material with AI assistance. It is not a reproduction or translation of the original article.
