Secretary Morales’ Securities Division files action against Zionsville-based medical device company

INDIANAPOLIS – The Indiana Securities Division has issued a Cease & Desist Order against the medical device company VoCare, Inc. and several of its officers, including Steven R. Peabody, Mary Zappia, and Scott Kane- prohibiting it from engaging in further offers or sales of unregistered securities or any other act that violates the Indian Uniform Securities Act.

Secretary Diego Morales

The Order alleges the following: VoCare, Inc. and certain named officers have violated Indiana law by offering or selling unregistered securities to investors in connection with a claimed “innovative home medical monitoring device business” and engaging in securities fraud by misrepresenting or omitting various material information to investors. VoCare, Inc. is reported to have defied laws and regulations by engaging in nine (9) separate offers or sales without registering the securities as required by Indiana law. Aside from the nine offerings above, VoCare Inc. did submit paperwork for two offerings. However, the paperwork that was submitted contained inaccurate or misleading information. There is reason to believe that VoCare Inc. has made other offerings unknown to the Division. At the time the Cease & Desist Petition was filed with the Indiana Securities Commissioner, VoCare, Inc. was continuing to solicit new investments.

Additionally, offering materials distributed by VoCare, Inc. in the form of a “business plan” and various “updates” contained false and misleading information about the company’s state and its products’ success. Claims were made in the business plans about the development stage of products, alleged interest in the products by outside parties, sales forecasts without any reasonable basis, and statements about manufacturing/retail arrangements that did not, in fact, exist. These claims were used to solicit new investments and keep money flowing into the company that was used to enrich the named Parties personally.

A temporary order for Cease and Desist was granted against VoCare, Inc.

“The Securities Division is committed to protecting Hoosiers from harmful and deceptive business practices.  Investigators will continue to go after those bad actors looking to take advantage of Hoosier investors and steal their hard-earned money,” said Diego Morales, Indiana Secretary of State.

The Indiana Securities Division encourages other investors with complaints against VoCare, Inc. to file complaints with the Indiana Securities Division at