The Investor’s Watchdog

The Investor's Watchdog

Florida Resident and President of Social Voucher Barred by SEC for Illegally Soliciting Unregistered Offerings and Misappropriating Investor Funds

Tuesday, March 24, 2020

On March 19, 2020, the Securities and Exchange Commission (SEC) filed an Order Instituting Administrative Proceedings against Gerald Parker, a 76-year old resident of Juno Beach, Florida for offering unregistered securities and making misstatements and omissions to investors.

Parker is the president and chief executive officer of Social, Inc., a company headquartered in Lake Park, Florida that designs and develops application software. He does not hold any securities licenses, and he was not registered with the SEC or associated with a broker-dealer.

The SEC claims that between June 2013 and June 2018, Parker acted as a broker in association with a broker dealer by directly soliciting investors to purchase Social Voucher securities and hiring and paying sales agent commissions between 35% and 50% to solicit the illegal offering. Parker and his sales agents told investors that the offering proceeds would be used to launch a mobile coupon application and that Social Voucher had developed an “operating model designed to maximize ROI to shareholders.” In total, Parker and his sales agents raised approximately $20.5 million from about 400 investors. The funds, however, were not used as intended and Parker spent $4.6 million on personal expenses and another $9.6 million for sales agent commissions.

Between June 2014 and February 2016, North Dakota, Massachusetts and Colorado securities regulators issued cease-and-desist orders in an attempt to stop Parker and Social Voucher from selling unregistered securities in their states. Now the SEC, through the Administrative Proceeding, is barring Parker from association with any broker, dealer, investment adviser, or other persons and entities in the securities industry and from participating in any offering of a penny stock.

Were you a victim of Gerald Parker’s alleged fraudulent scheme at the advice of an attorney, a broker, insurance agent, CPA, or financial advisor? If so, we may be able to help you recover the money you lost. Call ChapmanAlbin LLC 1-877-410-8172 for a free consultation.

Author: Jason T. Albin

Jason Albin is an Attorney and Partner at ChapmanAlbin, the investor rights law firm. He has represented hundreds of investors who have lost money due to broker misconduct, unsuitable investment advice and fraud.​ Jason also represents individuals in “whistleblower” suits filed against unscrupulous companies that try to defraud the US federal and state governments.

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