Secretary Raffensperger Issues Emergency Order Against Trage Technologies Limited & Affiliates for Securities Violations

Secretary of State Press Office

Secretary of State Brad Raffensperger, the Georgia Commissioner of Securities, has issued an Emergency Cease and Desist Order against Trage Technologies Limited (Trage), its principals Graeme Gary Hearn, Michael “Mike” Holloway, and Georgia resident Eric Ture Muhammad for multiple alleged violations of the Georgia Uniform Securities Act of 2008.

The Secretary’s investigation revealed that principals allegedly engaged in unregistered securities offerings and fraudulent investment schemes involving cryptocurrency trading programs that misled investors and threatened immediate harm to the public.

The resulting investigation supported allegations that Muhammad marketed an automated cryptocurrency trading program to Georgia investors, falsely claiming registration with the United States Securities and Exchange Commission (SEC). TRAGE has never been registered with the SEC nor the Georgia Secretary of State’s office.

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 investigation further supported allegations that investor assets were being misappropriated and transferred to undisclosed recipients rather than being used for legitimate trading activities. To date, funds exceeding $79 million have been transferred to external accounts, raising concerns of fraud.

Furthermore, the Georgian allegedly involved in the scheme, Muhammad, was already the subject of an active Emergency Cease and Desist Order issued on January 22,2024—barring him from broker-dealer activities in Georgia— yet Muhammad continued to promote unregistered investment schemes, including TRAGE. Muhammad’s promotion included false claims regarding regulatory settlements and misleading representations to investors.

The Secretary determined that immediate action was necessary to prevent further harm. Respondents’ actions, including the removal of TRAGE’s website and blocking investor account access, underscore the urgency of this 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.”

Per the order, TRAGE Technologies Limited, Graeme Gary Hearn, Michael Holloway, and Eric Ture Muhammad must immediately cease all activities related to the offeror sale of unregistered securities in Georgia. This investigation remains ongoing, and additional information may be made public at a future date. Individuals who may have been impacted by Trage are encouraged to contact the Securities Division at 470-312-2640 or [email protected].

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