ZeekRewards Closed – Questions and Answers
As I receive hunderds of emails about ZeekRewards from all over the world I have compiled the next questions and answers as a service and in basic english.
If you want to comment or ask a question please use your facebook to comment, and please do not pitch here for an other opportunity.
I will delete such comments or ban you…
Q: Will ZeekRewards or Zeekler come back, open again?
A: No, Paul Burks, the owner, agreed to settle without admitting wrongdoing and agreed to cooperate with a court-appointed receiver, so the government is in control and I do not believe the government will run the Zeek penny auction….
Q: I invested in ZeekRewards, how do I get my money back and how fast?
A: The United States District Judge Graham Mullen has appointed Kenneth D. Bell as the temporary receiver, empowering him to take control of Zeek’s assets and begin an investigation. The Court’s Order gives the Receiver all powers, authorities, rights and privileges that were possessed by ZeekRewards and its officers, directors, members, managers and general and limited partners.
It will be a long procedure, months if not years. If you have invested in the last 30 days and you paid with a credit card you maybe can claim it back through your credit card company.
Q: How is the Receivership Process?
A: The Receiver is systematically obtaining control over the Receivership assets and records (1) by placing affected persons and the public on notice of the Complaint and the Order appointing a temporary receiver, and (2) by physically securing the place of business.
Receiverships generally involve putting into place people and procedures to preserve assets and to analyze the claims against the assets. After completing that, such receiver would file a motion with the court with a recommendation as to treatment of the assets and claimants. The proposal would generally be made available to all affected persons.
Such persons would be given an opportunity to object to the proposal and any continuing objections would be determined by the court. Finally, the assets and claimants would be treated as the Court would determine after reviewing the receiver’s recommendations and any objections to them.
Reports will be filed with the Court periodically and major reports will be posted on the Receivership’s website.
Q: How do I Contact the Receivership?
A: The Receivership may only be contacted in writing. Emails may be sent to: [email protected].
The Receivership’s website, which may be found at www.ZeekRewardsReceivership.com, will be the Receiver’s primary means of communicating with customers and the public.
Q: What would be an alternative to contact the receiver?
A: Kevin Thompson – The MLM Attorney is working on an action plan for ZeekRewards Victims, check this post.
The number of Zeek investors is on a magnitude that has never been dealt with before in a receivership or bankruptcy context.
Those who have not received any or part of their bid purchases will be seen as victims. Those who have made more than their bid purchases will MAYBE come under the USA clawback laws and could receive notification of the amount of funds they must surrender to the receiver.
Q: I have not taken any money out of my ZeekRewards account, will I get it?
A: Unknown at this point. $5 million a day in revenue came in in July, the receiver will simple not have enough money to pay all victims back.
Q: How much money is available for refunds?
A: About $225 million in 15 foreign and domestic financial institutions, minus government / administration costs.
Q: How many people invested in Zeek?
A: About 1 million.
Q: How many people will go for a refund?
A: A wild guess: 20,000 – 50,000+. A lot of people will not go for a refund as I will take a long time. Be prepared for a lot of questions from the receiver…..
Q: What is the SEC and can they just take over an USA Company?
A: If a judge accept the SEC's request it can. According to the SEC website:
The mission of the U.S. Securities and Exchange Commission (SEC) is to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation. The laws and rules that govern the securities industry in the United States derive from a simple and straightforward concept: all investors, whether large institutions or private individuals, should have access to certain basic facts about an investment prior to buying it, and so long as they hold it.
Q: I did not invest in ZeekRewards, I bought bids!
A: Allthough Zeek was ordering affilliates not to use the word Investment the SEC and the judge had an other opinion.
Q: Was ZeekRewards a Scam?
A: In a scam you put your money in and the majority will never get a penny, up to closing ZeekRewards paid it's affiliates up to $375 million. Zeek had 8 complaints in the week they were closed, which is on 1 million affiliates very low. The SEC calls it a Ponzi did not use the word Scam, however it is an academical discussion.
Q: Was ZeekRewards a Ponzi?
A: Yes, according to The Securities and Exchange Commission (SEC) and the U.S. District Judge Graham Mullen in Charlotte, North Carolina. Paul Burks settled, in other words Paul gave up, he accepted the SEC deal.
Based on the average 1.5% daily dividend on 3 billion Profit Points outstanding, ZeekRewards would owe nearly $45 million per day in profit share awards to investors, if investors requested cash rewards instead of points. The company’s actual daily revenues, which in July 2012 averaged approximately $5 million per day.
Q: Suppose ZeekRewards was not closed down, when would it collapse?
A: According to the SEC complaint, ZeekRewards would quickly be insolvent, within a couple of weeks or months.
Q: How many VIP Bids were actually used?
A: Of approximately 10 billion VIP Bids purchased by or awarded to investors, less than 0.25% have been actually used in auctions on the Zeekler penny auction website. The VIP Bids did little or nothing to actually promote the retail business.…
Q: What was the major failure in the compensation plan or business model?
According to the SEC:
The (daily net profit distribution) bears no relation to the company’s net profits. Instead, Burks unilaterally and arbitrarily determines the daily dividend rate so that it averages approximately 1.5% per day, giving investors the false impression that the business is profitable.
Q: How much did ZeekRewards paid out to his affiliates?
A: About $375 million.
Q: Are Paul Burks and the former Zeek Management criminals?
A: The SEC did not play it hard on Paul Burks, only $4 million penalty….. It would be possible in the SEC's opinion he never intended to build up a Ponzi, penny auction compensation plans are complicated. He operated in a gray area and choose the wrong compensation plan and made the wrong decisions.
Q: How much money did Paul Burks earn or took out?
$7 million, out of $600 million revenue, Paul Burks has withdrawn approximately $11 million minus $4 million penalty. Paul Burks also paid $1 million to family members.
Q: Where is Paul Burks?
Paul Burks has a home in Lexington, USA. He is not arrested or in jail, part of the SEC deal is he agreed to cooperate with a court-appointed receiver.
Q: Who was the legal advisor(s) on the Zeek compensation plan and business model?
A: In June 2011 Zeek announced:
Zeek has hired top MLM Consultant Dr. Keith Laggos to make us bigger and better than ever before. You will begin to see a few transitional terminology changes throughout the sites first and foremost you will see new titles begin to appear on the top of your ZeekRewards and Zeekler websites.
MLM Law Firm, Gerald Nehra & Richard Waak, was involved as Howard Kaplan, Zeek’s IRS/Tax Attorney and Grimes and Reece. Noell Tin is Paul Burks lawyer in Charlotte, North Carolina.
Q: Why was the USA Secret Service involved?
A: According to sources because foreign money is involved.
The mission of the United States Secret Service is to safeguard the nation's financial infrastructure
Q: Do I have to blame my self for being a ZeekRewards affiliate?
A: Of course people will tell you Told You So but 1 million people were involved, and a lot of very experienced leaders did not see this disaster coming also. Nothing to be ashamed for in my opinion; bad luck, wrong decision.
Q: Was Ted Nuyten a ZeekRewards affiliate or endorsed the company?
A: No, I do not like penny auctions and running www.businessforhome.org is already a full time activity. I report facts and figures which is something else then whether or not a Direct Selling company is legit.
Q: How many people visited the Business For Home website Friday 17th and Saturday 18th August?
A: Over 100,000 unique visitors have been searching for Zeek information during those 2 days.
Q: What do you think about other penny auctions or can you advice me an other opportunity?
Penny auctions do have a credibility problem through this situation, as so many people are hurt. My advice is, as allways, to do your own due diligence. If you want little or no risk choose for a 5+ year old (public traded) company, like Nu-Skin, Herbalife, Avon, USANA, Amway ect.
If you can handle risk (No Guts, No Glory) take a startup, there are thousands. I am not endorsing any Direct Selling company through this website.
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so what will happen to the people who have not take out any money? and the people who bought their bids trough payza account cause you can only buy bids trough payza or solidtrustpay and only use your cards on silver os gold or daimon. so how can this people get their money back? please can you tell me more about it thanks.
It is said that zeekrewards lawyers are preparing to fight this civil action . The $4 million payable is a fine and once paid by Paul Burks zeekrewards may return. Is this possible?
It was a Ponzi scheme but wasn’t a scam? Maybe they didn’t start it as a scam, but as soon as anyone knew how the money was being distributed in reality, and started doing things like fixing the payout rate, then it most certainly was a scam.
Very astute observation…it may not have started out as a scam, and I honestly believe it did not start out with malicious intent… but when the daily average rate was set with no basis in reality, and the commissions were paid from unearned funds, it quickly became a huge scam besides being a Ponzi…A real tragedy of unprecedented magnitude…for millions of innocent people…
I think zeekrewards affiliates that did not receive cash out funds yet- i.e.- did not get their investment back should have priority in getting their money over other affiliates which got back their investment & some… what do you think?
Yes, I beleive and hpe people that never take out any money and people that star a buss. a few days or month ago they need to be first, so better wait for instructions regarding this matter, specil those guys that start almos 2 weeks ago taking “advance of the promotion BOGO
Thank you for this great information Ted. As said, Zeek affiliates, please don’t give up on the industry, look for something else. At Vitel we have a rescue program. But regardless, remember, when your vehicle breaks down, you don’t stop, you get on a new one AND keep moving.
I took a chance with this and didn’t make any money. My friend of 10 years who suggested I invest, gave me my money back because he made money. Im calling my credit card company and getting charges reversed for the 2 months I was charged.
Ted are you doing another European summit with all the MLM top earners from the different companies? I miss isa and im adjusting to my new town in South of France. Would appreciate the information
I think that the government shut it down because we can write off all bids we purchased and repurchased. You would make a ton and then back door and still get a return on your taxes. Not profitable for the Government so they call it a Ponzi scheme, make up numbers to lead us to believe it is. If it were really a Ponzi he would have been handcuffed and not sitting at home. Get smart my people
Thank you Mr. Bless, I agree with you. This is all some political BS, the government is hurting for money for this economy, and how dare this man, Paul Burks come up with a way that so many average people are coming out of poverty. They couldn’t dare hear of such a thing happening where the economy was turning around for so many of us! In this case they should shut down darn near every home business out there, because there are so many that people have put in money, greater than $10 to get started, they must build huge downlines in order to be compensated, and they must continue to purchase monthly autoships which have to be done out of pocket each month if you have not managed to build a big team. Zeek was not like that, and that is what we loved about it.
Magneticford1 how much money did you make for doing next to nothing?
Exactly . Burks would have had to be an idiot “not to have known” he had a ponzi scheme for a business model. The fact he is being allowed to keep that $11 mil he stole from members is a crime in and of itself! The SEC is equally criminal by the act of letting this guy off in exchange for a share of the “profits.” Call it a fee if u fall for that bs, but they are keeping the $ of members while letting the con-artist keep his embezzled $11mil (less the $4 mil “fee”) and people and reporters/bloggers need to point this out until BOTH are forced to return the $ to the people.
I think you are being too generous to Paul B. It was a ponzi scam pure and simple and he knew quite a while ago that it was. So he became a multi millionaire on the backs of his affiliates. Don't be so naive people.
Ted, thanks for keeping us updated about what’s going on in the industry. We appreciate it.
Ted how do I get my money back? Or make sure that when renewal time comes I will not be charged. I do not support sites that have freedom of spech censorship. As long as people are respectful to others ( Not Name calling. ) or lies. Their opinions should be welcome, not threaten. I agree that it is wrong to pitch another company on your site, however I disagree that if they offer a different point of view on a subject if YOU disagree with that you then remove it or threaten to ban them.
Thanks for the info i am sue that it will helped alot of people to sleep better
….. what kind of democracy in the U.S. is all about? – because 6 complaints affecting more than one million people!!
Give me a break! That’s what ZeekRewards gave us the “little guy” (the 99%) with their very generous revenue sharing plan. Does sharing $375 million with 1 million affiliates and keeping less than $15 million for himself and family with a second year (2011) gross revenues of $1.4 BILLION (according to https://w3scoop.com/zeekrewards), sound like this great big Ponzi scheme? The Policies and Procedures section of the ZeekRewards home page clearly states its IDS (income disclosure statement) “THERE IS NO GUARANTEE OF INCOME!” The 1.5% average daily awards that everybody is referring to is a statement of PAST performance and never ever a guaranteed rate. The SEC, though, deemed it securities fraud when no securities were ever offered. Paul Burks took the heat so not to prolong and drag everybody else into this mess. If the SEC case was so strong against Paul Burks and Zeek, why then did they just levy a $4 million fine and resignation. Why not throw him in jail along with Bernie Maddoff? If you want to see a real Ponzi scheme, take a good look at our Social Security System.
In the end, everything will be alright. If it did not work, is because it is not the end! Have faith, because God is more. Saullo Pereira – Brazil
Ted, Thanks for everything you do to keep the mlm community informed. Zeek was the hope of mlmr’s worldwide as evidenced by the approx one million people who joined in a very short period of time breaking every record that exists. It’s no secret that mlm has a dismal record of most people making little or no money at all, just ask to see the published income disclosure statements. I looked at a 20+ year old companies IDS last night where they reported the average monthly income for a US rep was just over $100 a month. What we probably suspect is the unexpected explosive growth was the spark that lit the fuse to it’s ultimate destruction. The details of what really happened, only those close to the company know for sure. What is the future of any other penny auction, even non US based, that is also unclear, US regulators could prevent them from doing business in the US. If someone creates a new opportunity using its business model and the lessons learned from what happened here, what could emerge is the biggest success story in the history of this industry. Keep us updated.
Steve
PASS THIS ON… ZEEK WAS NOT A PONZI… ZEEK WAS NOT FINANCIALLY IN TROUBLE… ZEEK COULD SUSTAIN ITSELF…
Another ZEEK UPDATE – To be removed from these updates – just reply with the words PLEASE REMOVE…
The rest of you need to help us get the word out so send our ZEEK UPDATES out to every ZEEK PERSON YOU KNOW!!!
To be added to our list just e-mail your request to: [email protected]
Please post this communication on facebook, blogs, talking boards and any other online sites available to you.
IN THIS COMMUNICATION
Summary of two hour Legal Option Call…
Beware of jumping into another similar program ZEEK WAS ONE IN A MILLION…
If we fail. The USA Zeek Reward Agents who had funds in ZEEK will be PAID BACK FIRST… Here is why…
Be careful of these self proclaimed online self promoted experts… And attorneys who write it makes me mad and angry…
A letter from JOHN…
Summary of two hour Legal Option Call…
Last night at 7pm with several legal minds and about 25 zeek rewards leaders including myself discussed ZEEK REWARDS AFFILIATE OPTIONS to hire a legal team, to form a 1000 person march at the North Carolina Federal Court House and why the 22 page SEC document that allowed them to freeze funds, close down Zeek was full of innuendos and mis-information especially when claiming that ZEEK was a PONZI. We discussed the possible cost in retaining a WASHINGTON DC & NC SEC Law Firm to represent all the 1 million affiliates. We have an e-mail into Kevin Grimes to see if he can share any insight or recommendations on the matter. We all agreed that Paul Burke is innocent but was possibly scared into his quick no contest type plea. We all agreed that action must be taken quickly if we are going to have any possibility of getting Zeek back open and salvage our business. We do not think the powers that be understood that they were shutting down a company that has been 15 years in the making. If they did not agree with the penny auction system why did they shut down my free store portion of it. They have interrupted the privately own businesses of over 2 million people and only a professional team of LAWYERS RETAINED by ZEEK AFFILIATES will PROVE THIS TO THE COURT AT HAND. Within 48 hours after some Legal Due Diligence and with the LAWYERS PERMISSION we will set up a ZEEK LEGAL WAR CHEST FUND WEBSITE and go to battle. It will be an argument by The Private Zeek Rewards Affiliates Business “VS” The SEC. We believe we can raise over 1 million dollars quickly and put this argument before the courts THIS WEEK. TIME IS OF THE ESSENCE. PLEASE GET THIS WORD OUT!
Another note the SEC said that if everyone went to 100% pull out of funds and did not re-purchase that ZEEK would have had to PAY OUT $45,000,000.00 (FORTY-FIVE MILLION A DAY)… NOT… It was always known that ZEEK would pay out up to 50% of GROSS SALES. So yes if everyone pulled out 100% they would of had to pay out 45 million maybe on that day. But the next day because of no re-purchases the payout as the PLAN CLEARLY DESCRIBES would have only shared up to 50% of the NEW PURCHASES. So it may not have been as much in fact it would have been a fraction of such. ZEEK was quite capable of sustaining itself for the long term of the business until the penny auction and who else knows what Paul and the leaders would have brought to the company to make it very profitable…
What is sad is how the Government screams FIRE where there is not even smoke and so many people are ready to crucify Paul and wish bad things to happen to him. I on the other hand is saying especially to all my CHRISTIAN BROTHERS and SISTERS to come together and PRAY for PAUL and his family and to get ready to come to this HONEST MAN who never did anything wrong in his 40 years of being in business and with what 8 SATISFIED COMPLAINTS from almost 2 million agents over 15 years in business. SHAME ON THE GOV’T…
Beware of jumping into another similar program ZEEK WAS ONE IN A MILLION…
Please be very careful not to jump into the dozen penny auctions or so called HYPE programs that sad to say even many ZEKK LEADERS have already jumped into. When I 1st learned of Zeek I tried to talk my sponsor out of not doing it. Because after 36 years in this industry I have seen similar opportunities really hurt so many people. It was only the integrity of the previous 14 years of Paul Burke and the 6 month track record of Todd Disner’s Back Office along with the legal team that made me feel comfortable with moving forward with a $99 commitment. The rest is history. These others that are talking big and shouting better than Zeek. 99% of them will be gone and not because any Gov’t shut them down it will be because of HUMAN GREED of the company itself. SEC proved to me that Paul was one of the most honest businessmen to ever run one of these type of programs. They screamed that PAUL took ONE MILLION DOLLARS or more… ARE YOU KIDDING ME… What CEO of any company that grew a new division from ZERO to 600 million would not PAY THEMSELVES multiple times such amount. No ONE MILLION DOLLARS was a very HUMBLE TAKE as far as I can tell. My goodness he had leaders earning 1 million dollars a month.
The USA ZR Agents who had funds in ZEEK will be PAID BACK FIRST… Here is why…
It’s just the way the cookie will crumble if it does crumble.The NC Attorney General’s job is to protect NC Residents. The SEC’s JOB is to protect INVESTORS in The USA. It is my opinion that of the 225 million seized that more than 70% of such came from outside the USA. This tells me that most of the USA Agents who had funds tied up such as my team had well over 5 million dollars in BRAND NEW PURCHASES that I believe will be refunded before International People will get a dime. Again that is not my desire just my opinion. In fact I am not an attorney so everything in this e-mail is just my opinion.
A letter from JOHN…
https://money.cnn.com/2012/08/17/technology/zeek-rewards-ponzi-scheme/index.html?hpt=hp_t2
Good morning (anyway) dear friends and team members,
I chose not to send this to you last night because of its effect on your sleep. Of course sending it now will affect your day. All of us have been wondering what?s been going on with a company that is one minute planning exciting events, attractive enhancements and generous futures for all, and the next mute, with all communication cancelled, an invisible website and rumors galore. The disruption and questions are now answered, at least in part.
While the information is sketchy, the intent of the government is not. They have captured the high ground of frightening terms: ?ponzi,? ?fraud,? ?luring investors,? ?scheme,? and sown seeds of unsubstantiated claims: ?Burks allegedly siphoned off millions,? ?invested, investors.? I grew up believing that I lived in a country where a man was innocent until proven guilty. I now believe, in terms of law, I live in an environment defined by skilled wordsmiths, who draw boundaries with their terms that restrict my freedom of thought to the ends they have predetermined. Law is the will of the sovereign and government believes it is America?s god. For me and my house, it?s one nation under God, not beside, over or without God. He alone is Sovereign!
Let?s ask ourselves a question: Why is the Securities Exchange Commission involved at this point? Was Zeek selling securities? Were you purchasing securities or bids? Was the word ?securities? ever used by Zeek in its invitation to become a participant in the company? Securities of course require a license but bids don?t. Was Zeek ?luring investors? or providing a business opportunity to those who agreed to simply post an ad designed to attract customers to a penny auction and then distribute free bids (that cost the advertiser $1 per bid) to that customer. Where?s the fraud in that activity? The company never used the word ?invest? or referred to its members as ?investors.? ?Affiliates? yes. ?Team, friends, members,
sure, but not ?investors?. Finally, we?ll just have to wait and see if the company ?was on the verge of collapse.? 375 million paid out and 225 million in the bank certainly requires some clarification before I?m going to concede that this was some evil ?scheme.? See quote from article below:
?Penny auctions” are a controversial kind of online sale in which prospective buyers compete over a set period of time with bids that increase by increments of one cent. Participants pay a separate, non-refundable fee for each bid they make. An expensive item like an iPad might therefore sell for a seemingly unbelievable list price of $30, even though participants in the auction paid many times more than that in total to place their bids.?
Where?s the fraud in this?
In the mean time the government wears the white hat. Once again they are saving us from ourselves. One wonders how we ever got along without them in our early history. Just think, approximately 2 million people now out of a job, the economy in Lexington, NC, just beginning to breathe again, snuffed, quenched, back to requesting government aid perhaps. Hmmm. Why do I see the image the ad the democrats are distributing featuring Paul Ryan wheeling an old lady in her wheelchair out to the edge of a cliff and then dumping her over to her death?
Ok, maybe I am judging prematurely or venting my prejudice. We?ll just have to wait and see. But, let?s at least try to be objective. Let?s try to think about Mr. Burks and the leaders at Zeek as we would want them to think about us at this early stage. Many of you profess to be Christian, well think like one. Don?t let any other ?savior? capture your thought life and pollute your emotions with hearsay, innuendo, exaggeration or bold faced lies. Remember 1 Corinthians 13 where Paul defines love? One characteristic of that love which ?hopes all things, believes all things and never fails,? is real love ?believes the best.? I know there?s risk involved in loving this way, Paul did too, but better to be found wrong and humble yourself then be prematurely judgmental and displeasing to your Lord. Let us rest in the hope that justice will be served.
In closing let me remind you of a plaque on Ron Paul?s office wall: ?Don?t steal, the government hates competition,? and the one posted on the Christian mind, ?Thy will be done.?
So we are left with confusion, anger, hurt, despair, pessimism, fear or prayer. May I enthusiastically recommend prayer and the 23rd Psalm.
Trust and obey. There is simply no other way,
John
Ted, Thanks for reporting this information. I believe it to be imperative for people to get the facts concerning the shut down of Zeek Rewards. I believe that we who were in Zeek just need to chalk it up as a lesson learned and perhaps avoid the penny auction industry altogether. Thank you again and keep up the good work.
Josh Lifford – Online Marketing Mentor
Understand that the Content Management System was fixed to make it look like you were making money for the sake of recruiting. Read what Ted said .. Zeek would have been out of money in a motter of weeks/months. They fixed your back offices to make things look like something they were really not. What would you call that?
Michael
Anytime a company promotes an income opportunity with products that aren’t used or consumed by its representatives and their retail customers, while telling its representatives to be sure to describe the business as not being what it appears to be, the days of that venture are numbered. I?m surprised it lasted as long as it did.
Thanks Ted, for the information. However, me and my husband live from pay check to pay check. We put in $1300 in and we have been in since March. We have paid 100 for subscription every month and paid for our ads, bids given away and getting customer for me. I paid every month for that. We just asked for check of $707 and was suppose to get threw payza on 8/27/2012. Now we don’t know if we going get that. We had over 5000 pts in there. We were hoping this was going build our savings, not take it and not give us nothing. We were going pay some bills and buy school clothes with the $707. I am so dishearten and have done a lot of crying and not sleeping. I never knew this could happen to us. My heart goes out to all who has lost. Hopeful we get back our money and what we had earn. Because we all did what was required of us. May God be with you all.
I went to my Bank with my Cashiers check receipt and the bank looked it up and said it was never cashed. Rex Venture group received it on July 19th according to my Fed Ex tracking. My Bank said they got a fraud alert on the company and will not give my money back. I can’t understand that if it was never cashed? Any insite for me? Any Chance I could get it reissued to me? Thank you
I invested $5000 as a diamond affiliate I was close to 30000 VIP points. I had never took any cash out. It’s not fair that Paul Burkes walks away scott free with several millions of dollars and we get nothing but loss and embarrassment. We can not wait several months or years to get our freakin money back. I’m soo mad and ready to help organize a bus trip to Lexington North Carolina where we will demand our money by camping out in front of Paul Burkes mansion or use street justice on Burkes and his family until they start writing checks. We will sure get the media involved. Let’s not allow this criminal to avoid what’s coming to him
EVERYONE WANT TO BE THE ONE THAT KNOWS MORE THAN THE OTHER. THIS ARTICLE IS ONE , NO ONE HAS INTERVIEWED PAUL BURKS. HOW IS IT A PONZI SCHEME IF U HAVE 225 MILLION IN THE BANK AND EVERY BILL IS PAID. TALK ABOUT A PONZI SCHEME WHAT ABOUT SOCIAL SECURITY. EVERY INSURANCE COMPANY ONLY HAS 50% OF FUNDS TO KEEP RUNNING. ZEEKREWARDS STIILL HAS TAKEN CARE OF MORE PEOPLE IN ONE YEAR THAN ARE GOVERMENT HAS IN 10YEARS, WHAT WOULD HAVE BEEN SMART IS THE GOVERMENT FOR ONCE STEPPING IN AND SAYING WHAT CAN WE DO TO MAKE THIS WORK.
Really simple Here. your friends that were in Zeek will pay your money back from there profits. They will either be paying them back to SEC so they can disburse the funds to the victims or they can do the right thing and pay you. Its called the right thing to do Liable is the legal term. Small claims court is also simple.
The faster way is to ask your friend or his friend in your Zeek upline to pay you back from there profits. The receiver has a list of all those who received the $300million plus paid out I assure you they will all be paying the money back, cars, houses, and other stuff the money was spent on. Its a simple call. If they refuse you take action and file a small claims suit. really easy to do. Most small claims suits will also lead to criminal charges since sec won the Ponzi charges here against Zeek. The IRS would love a courtesy call to for those who been bragging how much money they made in Zeek. IRS has a rewards program for whistle blowing too. Call the credit card company explain to them the deal with sec and you will win back the monthly charges.
I believe the fault lies with the SEC, the government. They saw Zeek was prospering, checked it out, found out it was run by a Christian, and made their move. Similar to the Gibson Guitar Company fiasco. It wasn’t Zeek or Burks…it’s government take over. We’ve been “had”, not by Mr. Burks, but by SEC.
Wow this was a real shock. I am really going to miss Zeek. We all have to be careful whatever we join or continue our efforts in. Thank you for this good information here.
A good review with a link to the actual complaints is on Forbes site at: https://www.forbes.com/sites/jordanmaglich/2012/08/18/feds-halt-alleged-600-million-zeekrewards-ponzi-scheme-how-it-happened-and-whats-next/
If this is handled like the Madoff case, expect a long delay and possibly for those that requested and received significant cash payouts to face “clawback” requests and demand for return of funds (likely in US). Also, expect to receive only a fraction of the amounts originally invested and no more than that.
I was asked to look into this earlier this year and concluded that it lacked transparency and logicial support. Here are some numbers:
3 billion in credits would generate daily returns/profits of $45 million per day.
Total revenues primarily from new investors and fees represented $5million per day. Thus, revenues (not profits) were a small fraction of total reported daily profits accrued by members/investors. There was and is no reported basis for the daily profits calculated and reported to members.
In July, cash payouts $160 million almost equaled total revenue, meanng that cash payouts were approaching exceeding the entire monthly revenue (including investment funds) received by the entity.
The bottom line was that the SEC was correct and did its job to stop the bleeding before it collapsed on its own weight and, thus, left something to return to those that are victims of this unsustaintable scheme.
I have a few questions that i would like to ask everybody.
Where are those products people were bidding on and buying at zeekler.com come from?who owns the store that supplies those products ?I heard many people stating they have won ipods,camcorders,laptops and many other things on zeekler.com .How can this be a ponzi scheme when all these people were getting all these products shipped to them.Where is that warehouse full of merchandises is located?Please help me understand, because if it is so the sec must open that warehouse to the public for those of us who bought bids to get access to the big flat screen tv’s, jewelry,clothes and more in order to get our money back right away.
Infelizmente aqui no Brasil também ha muita gente sobressaltada com essa questão.Publicamos no site https://sociedademilitar.com um artigo completo sobre a zeekrewards e o suposto fechamento. Aguardamos e esperamos que seja temporário.. Unfortunately here in Brazil also ha startled many people with this question. Published in site https://sociedademilitar.com a full article on the ZeekRewards and the supposed closure. We wait and hope it is temporary.
i live in Russia….i joined zeekrewards nearly a year ago..i haven’t transfered there any money into my alert p[ay acoount…when any cash appeared i bought bids…i think the founder of the company to be a great fool to lose such a huge company
it really helped people all over the world to earn money..i know that many russian people are fond of zeekrewars..i hope the company will come back..
I live South Florida…I joined zeekrewards please i want zeekrewards back a live…thanks
Okay, reading this stuff really angers me. Banks are the real Ponzi, they take our money, give out bad loans; tank the economies of many countries around the world and yes get hit with penalties (pay it off with our money). The SEC (gets $4 Million of our money from Burks for doing what) and next the lawyers who are suddenly in charge of my money (get their % of our money) for doing what.
Who are the real crooks here? That is what I want to know. And no I am not in denial. I see the Bank Ponzi being protected by the SEC so that we can be dependent on the banks. People were tired of being dependent on these crooked banks, thought they found something better in Zeek; the SEC gets involved way too late and makes everything really ugly. BTW where were the lawyers that Zeek were paying big money to during this time?
8 complaints filed on 1 Million people involved, hmmmmm. Makes me think of the 4 out 5 dentist who prefer *****. Who is the fifth dentist? This reeks, stinks, smells of BofA, Chase, etc being upset because people who were fed up with them were taking their money out of the banks and putting it into something that was working for them. We made 3 pennies (pun intended) from my personal checking account last month I am left wondering just how much did they make off my money?
On another note, how many of you have read Feliece Angelo comment above. Check it out, copy and paste it to your fellow Zeeksters.
Why is it these huge schemes which anyone with even a glimmer of analytic abilility can see as a ponzi type structure, take so long for the authorities to inspect?
Take banners broker for example. Obviously no real product or at least nowhere near the amount of product they would need to satisfy the incredible ROI claims they make. Clearly a ponzi scheme. Yet it is already allowed to grow to over 100,000 members and millions per day in fake appreciation.
When will someone (please) take action?