WASHINGTON (Pakistan Point News / Sputnik - 08th April, 2021) Six residents in the state of Florida face charges of over fraudulent sales of stock in a company named Social Voucher, using boiler-room tactics to reach investors throughout the United States, the Justice Department said.
"They defrauded investors of approximately $21 million by falsely claiming that the investors' money would go towards the development of a lucrative mobile gaming application that, in reality, never launched and generated no revenue," the Justice Department said in a press release on Wednesday.
In 2013, Gerald Parker, the CEO of Social Voucher and Michael Assenza, the Director of Technology, created the company. They then hired four other defendants to set up a boiler-room style operation to sell stock in the company, the release said.
The six face charges of with conspiracy to commit mail fraud and wire fraud, according to the release.
