Another $1.8 mill collected from Zeek Rewards net-winners
Feb.17, 2018 in regulation, Zeek Rewards
The Zeek Rewards Receiver files his quarter four report for 2017 on February 15th.
The Zeek Receivership has mostly wound down, however a few outstanding clawback related tasks remain.
In no particular order, key information from the Zeek Receiver’s fourth quarter report is as follows:
- $1,826,585 was collected from net-winner settlements throughout the quarter
- The Payza PaymentsWorld VictoriaBank saga is still under appeal with a decision pending
- Dawn Wright-Olivares’ Arkansas home is expected to be listed for sale sometime during this quarter (2018)
- members of the US net-winner class tried to get out of clawback by filing various motions, all of which were denied last month
- work on collection from foreign net-winners continues
- the Receiver and Kaplan are engaged in settlement discussions, with a second mediation scheduled for February 28th
- the Receiver is attempting to settle the USHBB clawback lawsuit prior to trial
As at the end of the fourth quarter the Receivership is sitting on $27.3 million.
A final distribution will be made at some point to Zeek victims with allowed claims, presumably when the outstanding issues above are (mostly) resolved.
Without a doubt, Kenneth Bell has been the most successful Receiver to date. I think he has set the bar for any future Receiver to achieve.
The cherry on the sundae would be if the US Attorneys would prosecute the major winners for their role in this Ponzi, including the ones who refused to settle with the Receiver and now will have to deal with debt collectors. That would be true justice.
Lynn, there will not be any prosecution for major net winners but it is a nice thought.
I think a better cherry on top would be is if they collected a majority from a majority of those who profited off of this. I know too many people personally who made money and have completely blown off dealing with it.
1.8 million collected in the quarter is really nothing. I know 3 people who made collectively $700,000.
I applaud the success of the receiver but there are too many people who made money, have no intention of paying a dime back, are ignoring everything that is sent their way, and quite frankly are going to get away with it. I think that sends the wrong message to those folks.
All I know is I’m happy to have paid back with a settlement and will never make this mistake again.
The problem with Zeek is that there were so many who used aliases that they could not find their real names and addresses. I know there were at least 3 here in Orange County, California.
Phil Piccolo used 3 of his aliases in Zeek. The only reason why the Receiver found out about it was because I knew what ones he used and contacted him letting him know they all three were him and his real address.
He was using his aliases and the fake addresses for them. But there were many more whom the Receiver could not locate for this very reason. My guess is it was less than 2% of all the winners in Zeek.
Am I a sucker for settling with Bell?
As others have noticed it is likely that tons of net winners will never pay back a dime.
A sucker in what sense?
To me a clear conscience is worth far more than money stolen. Money can’t buy self-worth.
Nah your not a sucker for settling. Appreciate that you did.
I for one will not see all my money back. Feel stupid for even buying into the zeek rewards scheme.
All those net winners that actually did what was right should be commended. Those that didn’t will unfortunately face karma.
Lynndell, you should also know that Phil Piccolo’s wife was using an alias too. Deena Marion from Lighthouse Point is really Deena (Marion) Zymkowitz of Lighthouse point.
Unfortunately they are not in jail….YET.!!
We reported Phil and his wife Deena to the FBI in Miami and Washington DC, the Security Exchange Commission , the Internal Revenue Service, Broward County Police and Lighthouse Point local Police/Mayor.