Zeek Receiver confirms new checks part of final distribution
About a week ago BehindMLM started receiving reports of new checks sent to Zeek Rewards victims.
Today the Receiver confirmed these were final distribution payments.
In an announcement dated February 2nd, the Receiver wrote;
I am pleased to report that the Receivership’s final distribution is well underway.
On Wednesday, January 19th, we sent out over 121,000 distribution checks. This final distribution provides an additional $14.3 million to the victims of the ZeekRewards Ponzi scheme.
Please note that the checks are void after 120 days, so I encourage claimants receiving these checks to deposit them soon after you receive them.
We are still in the process of executing approximately 1,000 wire transfers to international claimants who elected to receive a distribution via wire.
Making distributions via wire transfer involves a manual, time-intensive process, which should be completed in March.
The Zeek Rewards Receivership was established in August 2012.
All said and done, the Receivership has returned $371 million to victims. This represents an 84% recovery on valid claims.
Seemingly unaware that an 84% recovery is absolutely not the norm for MLM Ponzi schemes, the Receiver goes on address complaining victims;
Many have inquired why the distributions amount to less than 100% of each allowed claim.
The Receivership team has worked tirelessly to recover as many funds as possible from the ZeekRewards Ponzi scheme and those who benefitted from it.
However, as with any Receivership, not all of the funds could be recovered.
Significant effort went into pursuing litigation against several parties, most notably the net winner defendant class members, the scheme’s insiders, banks, and other financial companies.
I have pursued this litigation vigorously and to the best of my ability in order to recover the most funds possible for the victims of the ZeekRewards scheme.
I know and understand that recovering less than 100% of your investment is not what you had in mind when you invested in ZeekRewards.
I have read letters from and spoken to many of you.
I am keenly aware of the difficulties that ZeekRewards inflicted on thousands of people, and the ripple effects of the scheme that impact many individuals to this day. But I am pleased with the overall recovery that claimants are receiving.
An 84% recovery is unprecedented for a Ponzi scheme with this number of victims, and I am proud that the Receivership team has spent less as a percentage of total recoveries than any receivership of which I am aware.
BehindMLM published its Zeek Rewards review on September 21st, 2011.
Since then, including this article, we’ve published 232 articles covering the $900 million Ponzi scheme.
Update 29th May 2022 – As of May 19th, the Zeek Rewards Receivership has been closed.