A few week in the past BehindMLM began receiving studies of latest checks despatched to Zeek Rewards victims.
Right now the Receiver confirmed these have been last distribution funds.
In an announcement dated February 2nd, the Receiver wrote;
I’m happy to report that the Receivership’s last distribution is properly underway.
On Wednesday, January nineteenth, we despatched out over 121,000 distribution checks. This last distribution offers a further $14.3 million to the victims of the ZeekRewards Ponzi scheme.
Please word that the checks are void after 120 days, so I encourage claimants receiving these checks to deposit them quickly after you obtain them.
We’re nonetheless within the means of executing roughly 1,000 wire transfers to worldwide claimants who elected to obtain a distribution by way of wire.
Making distributions by way of wire switch entails a guide, time-intensive course of, which ought to be accomplished in March.
The Zeek Rewards Receivership was established in August 2012.
All stated and completed, the Receivership has returned $371 million to victims. This represents an 84% restoration on legitimate claims.
Seemingly unaware that an 84% restoration is completely not the norm for MLM Ponzi schemes, the Receiver goes on deal with complaining victims;
Many have inquired why the distributions quantity to lower than 100% of every allowed declare.
The Receivership workforce has labored tirelessly to get well as many funds as potential from the ZeekRewards Ponzi scheme and those that benefitted from it.
Nonetheless, as with all Receivership, not all the funds may very well be recovered.
Vital effort went into pursuing litigation in opposition to a number of events, most notably the web winner defendant class members, the scheme’s insiders, banks, and different monetary firms.
I’ve pursued this litigation vigorously and to the most effective of my skill with a view to get well probably the most funds potential for the victims of the ZeekRewards scheme.
I do know and perceive that recovering lower than 100% of your funding isn’t what you had in thoughts whenever you invested in ZeekRewards.
I’ve learn letters from and spoken to a lot of you.
I’m keenly conscious of the difficulties that ZeekRewards inflicted on 1000’s of individuals, and the ripple results of the scheme that affect many people to this present day. However I’m happy with the general restoration that claimants are receiving.
An 84% restoration is unprecedented for a Ponzi scheme with this variety of victims, and I’m proud that the Receivership workforce has spent much less as a share of complete recoveries than any receivership of which I’m conscious.
BehindMLM printed its Zeek Rewards overview on September twenty first, 2011.
Since then, together with this text, we’ve printed 232 articles masking the $900 million Ponzi scheme.
Replace twenty ninth Could 2022 – As of Could nineteenth, the Zeek Rewards Receivership has been closed.