Georgia’s Secretary of State, Brad Raffensperger, has issued a cease and desist order against Trage Technologies Limited for allegedly offering unregistered securities and fraudulent investment schemes. The order targets Trage and its key figures, including Graeme Gary Hearn, Michael Holloway, and Eric Ture Muhammad. An investigation revealed that Muhammad misled Georgia investors by promoting an unauthorized automated cryptocurrency trading program, falsely claiming SEC registration. The firm reportedly used aggressive Marketing tactics, promising unrealistic returns, which raised red flags of possible fraud involving over $79 million in investor assets. Raffensperger emphasized the importance of safeguarding investors and urged anyone impacted to seek help.
Georgia’s Secretary of State Takes Action Against Trage Technologies for Fraudulent Investment Schemes
In a bold move to safeguard investors, Georgia’s Secretary of State Brad Raffensperger has issued a cease and desist order against Trage Technologies Limited. This action comes after an extensive investigation alleging that the company engaged in unregistered securities offerings and fraudulent investment strategies.
The order, issued on December 18, targets Trage Technologies and its principals, including Graeme Gary Hearn, Michael Holloway, and Georgia resident Eric Ture Muhammad. According to state officials, the investigation revealed serious violations of the Georgia Uniform Securities Act of 2008, specifically related to misleading cryptocurrency trading programs that posed immediate risks to the public.
Allegations Against Trage Technologies
Raffensperger’s investigation found that Eric Ture Muhammad marketed an automated cryptocurrency trading program to potential investors, falsely claiming that Trage was registered with the U.S. Securities and Exchange Commission (SEC). However, officials confirmed that the company has never been registered with either the SEC or Georgia’s Secretary of State’s Office.
“This Emergency Order reflects our commitment to protect Georgia’s investors from fraudulent and unregistered securities schemes,” stated Raffensperger. He emphasized the importance of public safety and urged anyone impacted by these fraudulent activities to seek assistance.
High Return Promises
Trage Technologies and its principals were accused of using aggressive Marketing tactics and making unrealistic return promises, including claims of daily profits of $120 and annual returns of $43,800 on a $10,000 investment. These exaggerated claims led many investors to believe they were making a safe investment, which has raised significant concerns.
Further allegations suggest that investor assets exceeding $79 million may have been misappropriated and redirected to undisclosed recipients, heightening suspicions of fraud. Notably, Muhammad, who was already under an Emergency Cease and Desist Order issued earlier this year, allegedly continued to promote these unregistered investment schemes.
Ensuring Investor Protection
The urgency of Raffensperger’s order reiterates the state’s commitment to protecting investors from fraudulent activities. As these events unfold, officials are encouraging anyone who has been affected by Trage Technologies to come forward to seek help.
This situation serves as a crucial reminder for investors to remain vigilant. Conducting thorough research and ensuring that investment firms are properly registered can prevent falling victim to similar schemes in the future.
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Tags: Georgia Secretary of State, Trage Technologies, Investment Fraud, Cryptocurrency Trading, SEC Registration, Investor Protection.
What is a cease and desist order?
A cease and desist order is a legal document that tells someone to stop a specific activity. In this case, it means that the Georgia officials want the person to stop their involvement in an alleged cryptocurrency scheme.
Why did Georgia officials issue this order?
The officials issued the order because they believe that the Georgian was part of a fraudulent cryptocurrency scheme. They want to protect consumers from scams and ensure that business practices are fair and legal.
What are the consequences of ignoring this order?
Ignoring the cease and desist order can lead to legal action. This may include fines, penalties, or even criminal charges depending on the severity of the situation.
What should someone do if they receive this order?
If someone receives a cease and desist order, they should read it carefully and consider seeking legal advice. It’s important to understand their rights and options in this situation.
Can the order be challenged?
Yes, the order can be challenged in court. If someone believes the order is unjust or incorrect, they may be able to appeal it and present their case to a judge.
