90,297 checks sent out to Zeek Rewards victims
Against the backdrop of net-winners desperately fighting to keep their stolen riches, some good news now for the victims of Zeek Rewards.
As per the August order decreeing that payments would go out on September 30th,
approximately 90,297 checks are being issued and mailed to Affiliates that hold Allowed Claims as their first interim, partial distribution.
These first interim, partial distributions total approximately $134.2 million (with approximately $23 million of the $134.2 million required by law to be withheld for tax purposes) of the assets collected by the Receivership Team.
That’s a hefty tax bill to be sure, but at least those who lost money are getting something back. Can’t say the same for a lot of other lower-key scams out there that go bust.
Specifically, the amount paid out is
equal to 40% of the Allowed Claims of all Affiliates holding Allowed Claims as of August 15, 2014.
Of note is that there are some 70,000 affiliate claims that are incomplete:
Approximately 70,000 Affiliates hold claims that will be allowed against the Receivership Estate if and when any of those Affiliates provide the required release and OFAC Certification to the Receivership team.
If you’re one of those affiliates, you have until December 31st to provide the required documents, with a scheduled payout distribution date of January 30th, 2015.
As of the time of publication, 7000 claims remain to be processed by the Receivership.