Zeek Rewards

URGENT >> BULLETIN >> MOVING: (3rd Update 10:03 a.m. ET Dec. 10 U.S.A.) The federal judge presiding over clawback cases against alleged Zeek Rewards “winners” has dismissed jurisdictional challenges and a claim by the winners that Zeek was not selling securities under the Howey Test. The rulings mean that clawback claims seeking millions of dollars […]

“The Achieve Community” money-cycler train wreck has announced it’s back on the rails (sort of) and will relaunch today (sort of), after losing its payment processor last month. The asserted relaunch is occurring on the heels of multiple warnings from regulators about scams spreading on social media. It’s also occurring against the backdrop of allegations […]

We’ll begin by pointing out that Uber, the popular ride-sharing company and darling of venture capitalists, is not an MLM firm. But it sure is acting like one, even briefly vomiting one of MLM’s most familiar and reflexive responses to critics: HatersGonnaHate. Can MLM enterprises and MLMers in general learn from Uber’s bizarre missteps? You […]

BitClub Network apparently has found its first crop of 500 suckers willing to throw down $3,599 to become “Founders.” A link from a new post on Twitter suggests BitClub Network now is trying to line up 500 new suckers who’ll purportedly earn half of what the core group was promised. The new suckers will be […]

Paul Burks pleaded not guilty this morning and has been released on $25,000 unsecured bond, The Dispatch newspaper of Lexington, N.C., is reporting. Burks, 67, was the alleged operator of Zeek Rewards, which federal authorities have described as an $850 million Ponzi- and pyramid scheme. He was indicted last month on charges of wire and […]

Affiliates of the BitClub Network “mining” scam have taken to Twitter today with news asserted to be glorious: Participants can leave 100 percent of their money in the “program.” “The reason why you should consider setting all your bitclub network mining pool repurchases to 100% is the fact that you will build up your amount […]

If the Autorité des marchés financiers (AMF) gets its way, a website styled maxhyip.com will be shut down and its operator blocked from promoting “products and services relating to various high-yield investment programs (HYIP[s]) to Quebeckers.” The alleged operator of the site is Steeve Beaudin, against whom AMF is seeking a cease-trade order and “administrative […]

BULLETIN: The court-appointed trustee in the TelexFree bankruptcy case is seeking authority to issue subpoenas and obtain information from eight financial institutions, including Puerto Rico-based Oriental Bank. The other seven are Digital Federal Credit Union, based in TelexFree’s headquarters city of Marlborough, Mass., Bank of America, JPMorgan Chase, Citizens Bank, Santander, TD Bank and Wells […]

DEVELOPING STORY: (Updated 10:02 p.m. EDT U.S.A.) In an extraordinary development on this Halloween Friday, the federal judge presiding over the SEC’s Ponzi- and pyramid-scheme case against Zeek Rewards has issued a Temporary Restraining Order and directed a Zeek vendor to immediately turn over to the receivership more than $4.85 million. The order was entered […]

Kenneth D. Bell, the Zeek Rewards receiver, published an announcement last night that certain Zeek claimants from outside the United States who received a distribution check were unable to deposit it. Here is the announcement, dated Oct. 30, 2014 (italics/bolding added). ANNOUNCEMENT FROM THE RECEIVER – October 30, 2014 Various foreign claimants have reported that […]

BULLETIN: New court filings today in the Western District of North Carolina show that the court-appointed receiver in the Zeek Rewards Ponzi- and pyramid-scheme case has sued 26 alleged “net winners” in Canada. Each of the defendants allegedly received at least $50,000, according to filings by receiver Kenneth D. Bell. More . . .