Reform UK councillor promoted collapsed $1.9bn ‘Ponzi scheme’ HyperVerse that left victims suicidal
Summary
Reform UK councillor Susan Lawrence promoted the collapsed HyperVerse cryptocurrency scheme and related investments, including after the UK financial regulator issued a warning. US court documents described HyperVerse as an alleged pyramid and Ponzi scheme that took about $1.89 billion from investors; Lawrence has not been accused of wrongdoing by authorities, and Reform UK says she was herself a victim.Key Facts
- Lawrence was elected to Wolverhampton city council and sits on its audit and risk committee.
- HyperVerse operated from 2020 to 2022 and attracted investors in the UK, the US, and countries across Asia, Africa, and the Pacific.
- The UK Financial Conduct Authority warned in 2021 that HyperVerse might be promoting financial products or services without permission.
- Lawrence continued to promote HyperVerse or related schemes after the warning, including in promotional videos and webinars.
- Some investors said they could not withdraw their funds; the article reports cases of suicidal feelings and self-harm.
- US authorities charged alleged HyperVerse co-founder Sam Lee with civil and criminal offences in 2024; he denied the charges.
- Reform UK said Lawrence lost her pension and tens of thousands of pounds in the scheme and later joined HyperNation to try to recover her money.
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