A woman who promoted a notorious cryptocurrency scam has been elected as a Reform UK councillor and now sits on the audit and risk committee of Wolverhampton city council, a position that gives her oversight of the authority's financial reporting and governance.
Susan Lawrence was one of the main UK promoters of HyperVerse, a cryptocurrency scheme that US court documents named as an alleged 'pyramid and Ponzi scheme' that defrauded investors worldwide out of $1.89bn (£1.41bn). The scheme operated from 2020 to 2022, targeting investors across the US, UK, Asia, Africa and the Pacific before its collapse left many people unable to access their funds. Some victims who had taken out bank loans to invest said they felt suicidal when they could not withdraw their money.
Lawrence continued promoting the scheme even after the UK's Financial Conduct Authority issued a consumer warning in 2021 about HyperVerse, advising the public to 'avoid dealing with this firm and beware of scams' because it may have been offering financial services without the regulator's permission. In a 2022 presentation, she addressed members of the HyperVerse community who were unable to access invested funds. Lawrence also travelled to Dubai to meet Sam Lee, an Australian bitcoin entrepreneur linked to HyperVerse as an alleged co-founder, and promoted related investment schemes in filmed videos. Lee was charged in the US in 2024 with both civil and criminal offences for his role in the HyperVerse schemes and has denied all charges.
Lawrence has not been personally accused of wrongdoing by authorities. A Reform UK spokesperson said she was a victim of the scam, lost her pension and tens of thousands of pounds, and later became involved with HyperNation in an attempt to recoup her losses. The spokesperson said she was not employed by Desmond Amey, a key UK-based promoter of the schemes whose company was forcibly shut down by the UK high court, and has not been questioned by any authority. Lawrence has no current involvement in any of these companies, the party said.
For residents and businesses in Wolverhampton, Lawrence's position on the audit and risk committee means someone with a history of promoting fraudulent investment schemes now sits on the body responsible for reviewing the council's financial controls and governance of its multimillion-pound budget. Reform UK did not respond to questions about whether its vetting team had identified Lawrence's background before her election.