Social, Inc. – SEC Files Complaint for Injunctive Relief

Social, Inc. – SEC Files Complaint for Injunctive Relief | Goodman & Nekvasil P.A. May Recover Investor Losses

According to the SEC Allegations:

From at least June 2013 through at least June 2018, Defendant Gerald C. Parker (“Defendant” or “Parker”), president and CEO of Social, Inc. (“Social Voucher’), raised approximately $20.5 million from about 400 investors through an unregistered, fraudulent offering of securities in the form of Social Voucher “common stock.” Social Voucher, a now defunct Florida company under court-ordered receivership, purported to be a “mobile coupon solutions provider” that allowed businesses to promote themselves directly to customers utilizing social media. Parker solicited investors primarily through a network of unregistered sales agents who cold called potential investors.

Social Voucher, Inc. through Parker and his sales agents, made material misrepresentations and omissions to investors and prospective investors, and engaged in a scheme to defraud and a course of conduct designed to deceive investors. Specifically, Parker represented that Social Voucher would use investor funds to develop and launch Social Voucher’s purported mobile coupon application, when in fact (a) at least $9.6 million (about 46% of the offering proceeds), were used pay undisclosed commissions to the sales agents, and (b) at least $4.6 million of investor funds (about 22% of the offering proceeds) were misappropriated by Parker.

Parker also touted his successful business background without disclosing that regulators in three states had recently issued cease-and-desist orders against Parker and Social Voucher.

Moreover, during this same time frame, Parker also acted as an unregistered broker. Among other things, he hired the sales agents and paid them commissions for their solicitation efforts. Parker also personally solicited investors.

Investors in Social Voucher, Inc. May Recover their Losses with Goodman & Nekvasil, P.A.

If you invested in Social Voucher, Inc., Goodman & Nekvasil, P.A. may help you. Goodman & Nekvasil, P.A., a Clearwater, Florida, law firm with a national practice representing victimized investors, has recovered more than $180 million dollars on behalf of victimized investors. 

All our cases are handled on a purely contingency fee basis by Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA. Kalju Nekvasil, Esq. has practiced in this area of the law for more than 35 years. 

There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.

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