On March fifteenth the Zeek Receiver filed his Standing Report for the fourth quarter of 2018.
Amongst different issues, the Receiver revealed 44.2% of net-winner funds have been efficiently clawed again.
Throughout This fall 2018, the Zeek Rewards Receivership collected $109,305.58 in settlement funds from net-winners.
Up to now the Receivership has clawed again $18.07 million from net-winners, ‘which quantities to 44.2% of their collective web winnings‘.
With respect to international net-winners, the Receiver has confirmed it
beforehand made calculated selections to discontinue additional efforts to implement international judgments in international locations aside from Canada.
Whereas lots of the MLM Ponzi schemes over the past years have focused EU, Africa and Asia, Zeek Rewards was largely an US-based scheme.
By “calculated selections”, I think the Receiver labored out it wasn’t financially viable to additional pursue clawback litigation outdoors of Canada.
Presently there’s additionally an extra $169.3 million tied up in US net-winner judgments, which the scammers are attempting to attraction.
That litigation is taking part in out nevertheless it’s anticipated the Receivership will prevail.
If the Fourth Circuit affirms the Courtroom’s certification
of the Defendant Internet Winner Class, then the Receiver intends to promote the unsettled judgments at a big low cost.
One other $13.8 million has been awarded in judgments over disputed quantities, with the Receiver but to maneuver for abstract judgment.
The one different vital Receivership motion remaining is the ongoing VictoriaBank Fee World Payza clawback for $13.1 million.
Within the motion towards Victoriabank, Payza, and Fee World, the extent of ongoing litigation will rely upon the Courtroom’s rulings, nevertheless it may contain written discovery, extra motions follow, and a number of hearings earlier than the motion reaches decision.
The Receivership intends to see these last points out, after which a last distribution fee is anticipated for Zeek Rewards victims with permitted claims.
In Q3 2018, the Zeek Receiver estimated that the ultimate distribution fee will see victims with permitted claims get better 80% to 85% of their losses.