LexisNexis® Legal Newsroom
SEC Shuts Down Zeek Rewards, Alleges It Was $600 Million "Massive Ponzi Scheme" On Verge Of Collapse

"Unbeknownst to its investors, ZeekRewards is, in reality, a massive Ponzi and pyramid scheme. " -SEC The Securities and Exchange Commission ("SEC") announced late Friday that it had filed suit against ZeekRewards, alleging it operated a $600 million Ponzi scheme that had gained...

Co-Founder of Zeek "Victim Group" That Openly Challenged SEC Reportedly Receives SEC Subpoena

One of the individuals leading an advocacy group openly critical of the Securities and Exchange Commission's ("SEC") handling of the alleged $600 million Zeek Rewards Ponzi scheme has reportedly been subpoenaed to appear before the SEC. The individual, Robert Craddock, made this disclosure...

Zeek Receiver Issues Quarterly Report; Claim Form Expected Today

The court-appointed receiver for the $600 million ZeekRewards Ponzi scheme filed a quarterly report yesterday that provides a clear recap of his efforts to date, including asset recovery, the ongoing investigation, and clawback litigation. The Receiver, Kenneth Bell, was appointed on August 17, 2012...

Zeek Receiver Issues Update, Will Seek Court Approval for Claims Process by End Of March

The court-appointed receiver overseeing the recovery of funds for victims of the $600 million ZeekRewards Ponzi scheme issued an update today to address several pending issues. Kenneth D. Bell, the Receiver, posted a three-page letter on the court-approved website, www.zeekrewardsreceivership.com...

Zeek Receiver Blasts Objections to Claims Process

"Hundreds of thousands of Zeek victims have waited patiently for months as the Receiver has completed the work necessary to provide an easy to use, fair and efficient claims process. But yet again, it appears that counsel pursuing their own agenda has come forward to delay and raise the costs of...