Articles under ‘Zhunrize’:

Todd Spencer fighting to keep $350,000+ of fraudulent Zhunrize funds

Despite Zhunrize being a $100 million Ponzi scheme and pretty much every insider reaching a clawback settlement with the Receiver, Jeffery Todd Spencer believes the $350,000+ he received is his to keep. In a filed June 28th Joint Preliminary Report, additional details of Spencer’s clawback lawsuit have been revealed.


Zhunrize Vodaware settlements, Todd Spencer still fighting

In late 2017 the Zhunrize Reciever filed suit against Vodaware. Vodaware was essentially a shell company set up to assist in the operation of Zhunrize. Ironically the company’s initial cooperation with the Zhunrize Receivership led to the Receiver uncovering it as the recipient of $2.8 million in stolen investor funds. The Receiver’s lawsuit named  Vodaware, Inc., [Continue reading…]


Zhunrize Receiver files $2.8 million clawback lawsuit against Vodaware

The Zhunrize Recevier’s clawback lawsuit against Vodaware is a bit unusual. Zhunrize was a $100 million dollar Ponzi scheme shut down by the SEC in 2014. Upon being appointed, the Zhunrize Receiver retained employees from Vodaware, the company that created Zhunrize’s website, to assist in pulling electronic data for use in the claims analysis. The [Continue reading…]


$39.1 million returned to Zhunrize Ponzi victims

Last we checked in the Zhunrize Receiver had sought approval for 2858 victim claim payouts, coming in at $41 million. Zhunrize affiliates had initially filed for $99 million in losses, however $58 million in claims were deemed bogus. On March 10th the Receiver’s request was granted, paving the way for victim claim distribution.


Zhunrize Reciever seeks approval for 2858 victim claim payouts

Following a lengthy analysis of 20,219  victim claims totaling $99 million, the Zhunrize Receiver has determined $41 million across 2858 claims is actually payable. Along with nine vendor claims totaling $338,254, the Receiver has asked the court to approve the distribution of funds on these claims.


$4.4 million additional Zhunrize claims allowed

Back in August the Zhunrize Receiver announced that 2,395 out of 19,905 filed victim claims, representing losses of $33.9 million dollars, have been allowed. The Receiver has been working with victims of disallowed claims, with another 466 claims since allowed.


Zhunrize Receiver gearing up to return $44 million to victims

Following several extensions, the cutoff date for Zhunrize victims to file claims expired on April 16th, 2016. In total 19,905 victim claims were filed for $93.1 million dollars in losses.


Zhunrize victims claim portal approved and opened

Good news for Zhunrize victims, with news that a claims process has been approved. This means that those who lost funds in Zhunrize can now file claims for processing.


Zhunrize Receivership Status Report (1st Quarter 2015)

Last we checked in on the Zhunrize Ponzi scheme bust, $70.7 million USD had been recovered and a Receiver put in charge of the company. Now, after working for over four months to secure funds and establish a claims process through which Zhunrize victims can be compensated, the Zhunrize Receiver has filed his first quarter [Continue reading…]


Zhunrize Receiver appointed, $70.7 million recovered

Back in September of 2014, the SEC had shut Zhunrize down for being a $105 million dollar Ponzi scheme. The parties settled in December, with part of the settlement requiring the establishment of a Receivership. Since then Michael Fuqua has been appointed Receiver in the Zhunrize case. As part of his Receiver duties, Fuqua has been [Continue reading…]