ATLANTA — The Georgia Secretary of State’s Office issued an emergency cease and desist order against a cryptocurrency firm accused of engaging in unregistered securities offerings.
According to the Sec. of State’s office, Trage Technologies Limited is accused of violating the Georgia uniform Securities Act and offering fraudulent investment schemes using cryptocurrency trading programs to the harm of its investors and the public.
State officials said the firm, operated by principals Graeme Gary Hearn, Michael Holloway and Georgia resident Eric Ture Muhammad, have marketed an automated cryptocurrency trading program to Georgia investors while falsely claiming to be registered with the U.S. Securities and Exchange Commission.
However, Georgia officials said Trage has never been registered with the SEC or with the Georgia Sec. of State’s Office.
[DOWNLOAD: Free WSB-TV News app for alerts as news breaks]
TRENDING STORIES:
- GA couple who abused 2 adopted boys in ‘house of horrors’ sentenced to 100 years
- Fulton development authority unanimously approves $583.3 million bond for ‘Project Nexus’
- Nissan, Honda to merge to create third-largest automaker
“Using aggressive marketing tactics, the individuals allegedly boasted unrealistic returns, including daily profits of $120 and annual returns of $43,800 on a $10,000 investment, misleading investors into believing the program was a fail-safe investment,” the Sec. of State’s Office said.
An investigation into the accusations “further supported allegations that investor assets were being misappropriated and transferred to undisclosed recipients rather than being used for legitimate trading activities,” officials said, to a total of $79 million to-date, “raising concerns of fraud.”
The Sec. of State’s Office said Muhammad was also already the subject of an active emergency cease and desist order from January, where he was barred from broker-dealer activities in the state, but continued to promote investment schemes, including those from Trage.
“Muhammad’s promotion included false claims regarding regulatory settlements and misleading representations to investors,” the office said.
As a result, officials determined that immediate action was needed to stop more harm being done, and moved to remove Trage’s website and block investor account access through the emergency order.
“This Emergency Order reflects our commitment to protect Georgia’s investors from fraudulent and unregistered securities schemes,” said Secretary of State Brad Raffensperger. “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.”
Anyone who may have been impacted by Trage are encouraged to contact the Georgia Securities Division at 470-312-2640.
The investigation into Trage remains ongoing, officials said.
[SIGN UP: WSB-TV Daily Headlines Newsletter]
©2024 Cox Media Group
