Georgia Man Linked to Cryptocurrency Marketing Scheme, Regulators Report
A man from Fairburn, Georgia, has been in the spotlight for promoting a multilevel marketing scheme that promised huge returns but ultimately led investors astray. State regulators, led by Georgia’s Secretary of State Brad Raffensperger, issued a cease-and-desist order against Eric Ture Muhammad. This isn’t the first time Muhammad has been in trouble for this kind of activity – earlier this year, he faced a similar order.
Muhammad, who goes by “The Wealth Minister” on LinkedIn, was fined $500,000 for his involvement in promoting Trage Technologies, a company based in Panama and registered in the Marshall Islands. Trage was focused on marketing cryptocurrency investments. Despite the penalties he’s faced, Muhammad has not paid his share from the previous order issued in January. It’s a cautionary tale for investors to be wary of promises that sound too good to be true.
