A Reform UK councillor who promoted HyperVerse, an investment network at the center of U.S. fraud allegations, serves on a Wolverhampton City Council committee overseeing governance, risk and financial reporting, The Guardian reported.
The newspaper identified the councillor as Susan Lawrence and said she sits on the Audit and Risk Committee. Its remit includes governance and risk management, as well as oversight of financial reporting tied to a council budget worth millions of pounds.
The U.S. Department of Justice (DOJ) said a 2024 indictment alleged HyperFund, also known as HyperVerse, was part of a scheme that defrauded investors of $1.89 billion. The indictment alleged that people buying membership packages were told they could earn passive returns of 0.5% to 1% per day. Promotional claims pointed to cryptocurrency mining as a source of those returns, but prosecutors alleged the mining operation did not exist.
The Securities and Exchange Commission (SEC) separately alleged that HyperFund had no real revenue beyond investor funds. Its complaint said the network collapsed in 2022, leaving investors unable to withdraw money.
The Guardian reported that some people borrowed to buy the packages and later described suicidal feelings after losing access to their money. The newspaper also cited cases of self-harm among people affected by the scheme.
Authorities have not accused Lawrence of wrongdoing, The Guardian reported. A Reform UK spokesperson told the newspaper that Lawrence lost her pension and tens of thousands of pounds after believing the scheme was genuine. The spokesperson said she later became involved with HyperNation in an effort to recover her losses. Reform said Lawrence has no current involvement in any of the companies or any similar schemes, and that no authority had questioned her over her links to them.
Lawrence did not respond to The Guardian. The newspaper said Reform did not answer whether its vetting team knew about her background.
