On Might nineteenth 2022, the Zeek Receiver introduced the Zeek Rewards Receivership was formally closed.
This marks the top of an period right here at BehindMLM, spanning eleven years and 2 hundred and thirty-two articles.
As per the Receiver’s Might nineteenth replace;
The ultimate distribution has been accomplished, and the Receivership is now administratively closed.
The closure follows last distribution checks, despatched out again in January.
On Wednesday, January nineteenth, we despatched out over 121,000 distribution checks, which offered an extra $14.3 million to the victims of the ZeekRewards Ponzi scheme.
With respect to any ongoing points with funds, the Receiver advises;
The 120 day expiration interval for these checks has now handed, and no additional distributions can be made.
If you happen to acquired affirmation from the Receivership group {that a} reissued verify is being despatched to you, please search for its arrival within the coming weeks.
No additional requests for substitute checks or wire transfers might be accepted presently.
Though it’s extra of a TelexFree factor, the Receiver additionally offered perception into non-communication reported by Zeek victims;
I’ve acquired 1000’s of calls and emails over the previous a number of months relating to requests for distributions and reissued checks.
Whereas I would love to have the ability to reply to every of your messages, with over 129,000 claimants, I’ve been unable to reply to particular person communications relating to distribution-related questions.
Please observe that as of this replace, the Receivership is closed, and there can be no additional responses to distribution-related communications.
This goes for BehindMLM too. BehindMLM isn’t and has by no means been tech help for Receiverships or Trusteeships.
All in all of the Zeek Receivership resulted in victims with authorised claims recovering 84% of their losses.
With this last distribution, now we have returned a complete of $371 million to the scheme’s victims.
I’m happy with the Receivership Workforce and its diligent work that has offered such a sturdy return to the claimants.
Sincerely,
Matthew E. Orso
Successor Receiver
To place the $371 million paid out in context, Zeek Rewards itself was a $900 million Ponzi scheme (initially pegged at $600 million by the SEC).
BehindMLM reviewed Zeek Rewards in September 2011. The SEC would go on to close Zeek Rewards down in August 2012.
The person behind Zeek Rewards, Paul Burks (proper), was sentenced to 14 years in jail again in February 2017.
Burks is presently being held in FCI Butner, a “medium safety federal correctional establishment” in North Carolina.
Burks, 75, is scheduled for launch on February fifteenth, 2028.
This brings BehindMLM’s protection of Zeek Rewards to an in depth. Thanks for studying.