A Reform UK councillor who sits on the audit and risk committee of a major city council was one of the leading British promoters of a notorious cryptocurrency scheme that collapsed after allegedly cheating investors worldwide out of $1.89bn (£1.41bn).
Susan Lawrence, now a Reform councillor on Wolverhampton city council, promoted HyperVerse, a scheme named in US court documents as an alleged "pyramid and Ponzi scheme" that caused what was described as a "staggering" level of losses. Her committee role involves independently reviewing governance and risk management and overseeing financial reporting for a multimillion-pound budget.
HyperVerse spread through the US and the UK between 2020 and 2022, and also targeted investors in developing countries across Asia, Africa and the Pacific. Its eventual collapse left many people unable to access their funds. Some investors who had taken out bank loans to buy packages said they felt suicidal when they could not withdraw their money, and there were some cases of self-harm.
Lawrence has not personally been accused of wrongdoing by authorities. However, she promoted HyperVerse, or later variations of it, even after the UK's Financial Conduct Authority issued a consumer warning in 2021 that the firm may have been promoting financial services or products without the regulator's permission. "You should avoid dealing with this firm and beware of scams," the FCA said at the time.
In a 2022 presentation, Lawrence addressed members of the HyperVerse community who were worried they could no longer access the money they had invested. She took part in lengthy promotional videos and webinars to market the project to the public and recruit new participants, working alongside a fraudster whose company was later forcibly shut down by the UK high court.
Lawrence is also linked to other cryptocurrency schemes promoted by HyperVerse's alleged co-founder Sam Lee, an Australian bitcoin entrepreneur who moved to Dubai in 2021. Lee was charged in the US in 2024 with both civil and criminal offences over his role in the HyperVerse schemes. He has denied all charges. Lawrence travelled to Dubai to meet Lee and was filmed promoting two other related investment schemes. She was also referred to as a "super leader" for one of Lee's platforms, called "Vidilook", a status in such groups typically based on how many people a participant recruits.
She continued to promote iterations of the same network, including one later hit with a cease and desist order by US federal authorities, who described it as a "fraudulent pyramid and Ponzi scheme". US authorities said: "It does not sell or purport to sell any actual product and has no apparent source of revenue other than funds received from investors." She promoted the schemes alongside Desmond Amey, the key UK-based promoter, whose company, used to funnel millions of pounds into the platforms, was shut down by the UK high court.
Lawrence did not respond when approached by the Guardian. A spokesperson for Reform UK said: "Cllr Lawrence was one of many victims of this scam, losing her pension and tens of thousands of pounds on a scheme she believed was genuine."
The spokesperson added: "She later became involved with HyperNation in an attempt to recoup the money she had lost. She was not employed by Des Amey and has not been questioned by any authority over her links. Cllr Lawrence has no current involvement in any of these companies or any similar schemes."
Reform UK, which has faced renewed pressure over its vetting processes amid fresh allegations about the conduct of councillors and candidates, did not respond to a question about whether its vetting team had identified Lawrence's background.
