A Fairburn man previously banned from selling investments in Georgia was caught promoting a multilevel marketing scheme that lured investors with promises of massive returns, according to state regulators.
Georgia Secretary of State Brad Raffensperger’s office this month issued a cease-and-desist order against Eric Ture Muhammad, who had been hit with another order in January for his alleged involvement in a similar scheme.
Muhammad, who describes himself on LinkedIn as “The Wealth Minister,” was also slapped with a $500,000 civil penalty. Regulators say he has not paid his share of a penalty the state issued in its January order.
The most recent order centers on Muhammad’s role promoting Trage Technologies, a Panama-based company registered in the Marshall Islands that marketed cryptocurrency investments.
Regulators say Trage promised to more than quadruple investors’ money in a year’s time with what it described as a surefire crypto-trading algorithm. The company allegedly structured its payouts to encourage investors to recruit more people in what Georgia regulators called a multilevel marketing program.