In a dramatic turn of events, Georgia’s Secretary of State, Brad Raffensperger, has taken decisive action against Trage Technologies Limited, issuing a cease and desist order amidst grave allegations of unregistered securities offerings and duplicitous investment schemes. This order, executed on the 18th of December, encapsulates a multi-faceted investigation into the company’s operations, which purportedly ensnared countless investors under the guise of cryptocurrency trading programs.
The order targets not only Trage itself but also its key figures: Graeme Gary Hearn, Michael Holloway, and Georgia’s own Eric Ture Muhammad. Officials assert that these individuals have committed multiple infractions of the Georgia Uniform Securities Act of 2008, spanning claims of misleading investor information to imminent threats to public safety.
Raffensperger’s inquiry unearthed allegations that Muhammad aggressively marketed a so-called “automated cryptocurrency trading program” to unsuspecting Georgians, falsely asserting that the enterprise was registered with the U.S. Securities and Exchange Commission (SEC). However, state officials were quick to clarify that, in reality, Trage has never held such registration with either the SEC or the Georgia 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 continued, emphasizing the urgency of the situation: “These individuals have jeopardized the financial well-being of Georgians and lied to the public. We urge anyone affected to come forward and seek assistance.”
According to the investigation, Trage and its principals employed “aggressive marketing tactics” that promised outrageous returns—$120 daily and an annualized return of $43,800 on a mere $10,000 investment. Such outlandish claims could easily mislead investors into believing they were embarking on a fail-safe financial venture.
The gravity of the situation escalates upon discovering that over $79 million in investor assets were potentially misappropriated, funneled to undisclosed recipients, and raising relentless suspicions of egregious fraud. Even amid these accusations, Muhammad, previously slapped with an active Emergency Cease and Desist Order as of January 22, continued to promote unlicensed investment schemes, brazenly disregarding the prohibition against broker-dealer activities in Georgia.
To compound the troubling narrative, Raffensperger revealed that Muhammad had allegedly made “false claims” regarding prior regulatory settlements, further entangling himself in a web of deceit designed to mislead potential investors.
Through such measures, Raffensperger vows to safeguard Georgia’s investors, dispatching a clear message that fraudulent activity will face formidable resistance. He implores those ensnared by Trage’s deceptive promises to come forward and reclaim their agency in this crucial fight against financial malfeasance.
