Banking and Finance

Recent Posts

Zeek Victims Face Sept 5th Deadline To File Claims
Posted on 5 Sep 2013 by Jordan D. Maglich

Victims of the $600 million ZeekRewards Ponzi scheme have approximately 24 hours to timely submit a claim to ensure they are afforded a chance to participate in the funds recovered by the court-appointed receiver. According to receiver Kenneth D. Bell... Read More

Zeek Receiver Seeks $6 Million From Foreign Net Winners
Posted on 8 May 2015 by Jordan D. Maglich

The court-appointed receiver tasked with recovering funds for victims of the $600 million ZeekRewards Ponzi scheme has filed a fresh wave of clawback lawsuits seeking to recover more than $6 million in false profits" realized by the scheme's... Read More

Zeek Founder Set For Trial in January 2015
Posted on 21 Nov 2014 by Doug Esten

A North Carolina man will face trial in January 2015 over charges that he masterminded the ZeekRewards Ponzi scheme that allegedly swindled hundreds of millions of dollars from hundreds of thousands of victims. Paul Burks, 67, will have until January... Read More

Update from Zeek Receiver Provides Insights into Recovery, Clawbacks
Posted on 12 Aug 2013 by Jordan D. Maglich

The court-appointed receiver overseeing tbe recovery of funds for the $600 million ZeekRewards Ponzi scheme has filed his quarterly update (the "Update") with the court, providing interesting insight into asset recovery, litigation against so... Read More

Judge Approves ZeekRewards Claims Procedures, Denies Objection
Posted on 2 Apr 2014 by Jordan D. Maglich

A North Carolina federal judge issued an order approving the claims procedures proposed by the court-appointed receiver to, among other things, begin making distributions to victims of the $600 million Zeek Rewards Ponzi scheme. In an Order entered March... Read More

Zeek Rewards Receiver Files Clawbacks Against Principals, Net Winners
Posted on 5 Mar 2014 by Jordan D. Maglich

The court appointed receiver tasked with recovering assets for the $600 million ZeekRewards Ponzi scheme has fired off the first salvo of clawback lawsuits seeking the return of nearly $300 million from company officers and investors fortunate enough... Read More

International Clawbacks Start in ZeekRewards Receivership
Posted on 26 Feb 2015 by Jordan D. Maglich

Over two years after the Securities and Exchange Commission alleged that ZeekRewards was operating a massive $600 million Ponzi and pyramid scheme, the court-appointed receiver is now seeking to "claw back" millions of dollars in false profits... Read More

Zeek Founder Set For Trial in January 2015
Posted on 21 Nov 2014 by Jordan D. Maglich

A North Carolina man will face trial in January 2015 over charges that he masterminded the ZeekRewards Ponzi scheme that allegedly swindled hundreds of millions of dollars from hundreds of thousands of victims. Paul Burks, 67, will have until January... Read More

Alleged ZeekRewards Ponzi Mastermind Wins Trial Delay Over "Unprecedented" Discovery
Posted on 1 Apr 2015 by Jordan D. Maglich

Citing the "unprecedented" document discovery that has included millions of documents and multiple terabytes of electronic data, attorneys for a North Carolina man accused of masterminding the massive ZeekRewards Ponzi scheme recently successfully... Read More

ZeekRewards Founder Indicted For $850 Million Ponzi Scheme
Posted on 27 Oct 2014 by Jordan D. Maglich

Over two years after the Securities and Exchange Commission accused ZeekRewards of being a massive Ponzi and pyramid scheme, a grand jury indicted the company's founder on a multiple fraud charges. Paul Burks, 67, was charged with mail fraud, wire... Read More

Ponzi Victim Lawyers Fight Over Right To Deduct 25% Contingency Fees From Claim Distributions
Posted on 9 Jan 2014 by Jordan D. Maglich

Efforts by the court-appointed receiver for the $600 million ZeekRewards Ponzi scheme for court approval of a process to distribute assets to victims are currently on hold as a group of lawyers representing a small subset of victims has objected on the... Read More

Zeek Founder Seeks To Delay Upcoming Trial
Posted on 16 Jan 2015 by Jordan D. Maglich

A North Carolina man accused of masterminding a massive Ponzi scheme that caused hundreds of millions of dollars in losses has sought to postpone his trial that was scheduled to start later this month. Paul Burks, who allegedly duped hundreds of thousands... Read More

Zeek Receiver Slams Lawyers' Efforts to Redirect Claim Distributions
Posted on 23 Apr 2014 by Jordan D. Maglich

The court-appointed receiver overseeing efforts to recover funds for victims of the $600 million ZeekRewards Ponzi scheme has again reserved strong words for efforts by certain victims' lawyers to have distributions sent to their law offices, rather... Read More

Zeek Receiver Wins Approval to Pursue Class Action Clawbacks
Posted on 17 Feb 2015 by Jordan D. Maglich

A North Carolina federal judge has given the go-ahead for a court-appointed receiver to treat nearly 10,000 "net winners" of the $700 million ZeekRewards Ponzi scheme as defendants in a class-action lawsuit - a mechanism that the overseeing... Read More

Zeek Receiver Blasts Victim Lawyers' Attempt To File Lien on Distributions
Posted on 15 Oct 2014 by Jordan D. Maglich

With thousands of allowed claims in this matter, it is impractical to allow third parties to interfere with the distribution process. The Receiver is simply not equipped to assess the validity of every interest asserted by a third party in the distribution... Read More