Georgia Takes Action Against Cryptocurrency Fraud: What You Need to Know
Wsb Atlanta•23 hours ago•
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Georgia Takes Action Against Cryptocurrency Fraud: What You Need to Know

General Bitcoin News
georgia
cryptocurrency
fraud
investment
securities
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Summary:

  • Georgia Secretary of State's Office issues emergency cease and desist against Trage Technologies Limited.

  • Accusations include unregistered securities offerings and misleading investors.

  • Trage claimed unrealistic returns, such as daily profits of $120.

  • Investigation reveals $79 million in assets possibly misappropriated.

  • Secretary of State urges affected individuals to seek assistance.

Georgia's Emergency Action Against Cryptocurrency Fraud

ATLANTA — In a decisive move, the Georgia Secretary of State’s Office has issued an emergency cease and desist order against Trage Technologies Limited, a cryptocurrency firm accused of engaging in unregistered securities offerings that harm investors.

Allegations of Fraud

According to the Secretary of State’s office, Trage Technologies Limited is accused of violating the Georgia Uniform Securities Act by promoting fraudulent investment schemes through automated cryptocurrency trading programs. State officials revealed that the firm, operated by Graeme Gary Hearn, Michael Holloway, and Eric Ture Muhammad, misled investors by falsely claiming to be registered with the U.S. Securities and Exchange Commission (SEC).

Misrepresentation and Unrealistic Returns

Georgia officials clarified that Trage has never been registered with the SEC or the Georgia Secretary of State’s Office. The individuals behind Trage allegedly marketed their trading program using aggressive marketing tactics, claiming unrealistic returns such as daily profits of $120 and annual returns of $43,800 on a $10,000 investment. This misleading information led many investors to believe they were making a safe investment.

Investigation Findings

An ongoing investigation has revealed that investor assets amounting to $79 million may have been misappropriated and transferred to undisclosed recipients instead of being utilized for legitimate trading activities. The investigation raised serious concerns of fraud.

Previous Violations

The Secretary of State’s Office noted that Muhammad was previously under an active emergency cease and desist order for broker-dealer activities but continued to promote investment schemes, including those from Trage. His promotions included false claims regarding regulatory settlements, further misleading investors.

Immediate Actions Taken

To prevent further harm, Georgia officials have taken immediate actions, including removing Trage’s website and blocking investor account access through the emergency order. Secretary of State Brad Raffensperger emphasized the commitment to protect Georgia’s investors from such fraudulent schemes, urging anyone affected to come forward for assistance.

Ongoing Investigation

The investigation into Trage remains ongoing, and anyone who may have been impacted is encouraged to contact the Georgia Securities Division at 470-312-2640 for support.

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