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.
Recap: Zeek Rewards founder, Paul Burks, was sentenced to 14 and a half years in prison in 2017.
At the time of his sentencing Burks was 70.
Last year Burks applied for compassionate release from prison, on account of COVID-19, twice. Filings revealed Burks had caught COVID-19 once and recovered.
His request for release both times was denied.
Burks won’t be released until 2028. If he makes it that long he’ll be 81.
The receiver said 84% back to victims is a record…
If memory serves me right, AddSurfDaily and legisi both returned more…
ASD was 100% as most wouldn’t file a claim as their upline convinced them if they did they would be charged with a crime. They just didn’t want the authorities to know how many they had in their downline that they conned into joining ASD.
In short the promoters were just protecting their own a$$e$. So much for how much they cared for the people in their downline they loved to pontificate about.
I thought was 100% in ASD…And yea, too many don’t file a claim which is good for those who do…
Plenty of Zeek Rewards net-losers won’t have filed a claim either, so the comparison between those percentages would appear to be like-for-like, and the Zeek receiver is wrong about it being a record.
Not that failed wannabe scammers getting all their money back from a Ponzi scheme is something to be very proud of in any case.
When you consider that a lot of the money that went to net-winners will be unrecoverable, and Receivers are very expensive, the *only* way that refunds can get close to 100% or even 80% is if most losers aren’t filing claims.
Imagine complaining about only getting 84% back. Money that you willingly handed over and gambled for the sole purpose to profit. Net-losers aren’t victims; they wanted to be net-winners, and would’ve been happy if they were.
If I were the receiver, refunds to the elderly, disabled, and those who didn’t recruit. All other recovered funds to a charity.
And, I’d have the serial MLMers, even net-losers, referred to the courts for a misdemeanor charge and fine for actively participating in an MLM Ponzi. If you recruited, you were party to the crime.
This returning money to known Ponzi/MLM players is BS.
I have yet to see $0.01 of the $10,000 I lost.
I have never received any replies to my forlorn requests for compensation/refund/claim.
This attempt will just another…
From the sounds of it you missed the “file a valid claim” period way back when.
Plenty of people with valid claims received over 80% of lost funds back. So this sounds like a “you” problem.
No point continuing to harass the Receivership, it’s winding down.
Did not receive the final distribution, outside America, via bank wire transfer.
I have not received my money of the final distribution and a of few earlier distributions for which I have opted for the bank wire system.
I live outside the US and have updated my banking details for receiving the money via bank wire. My bank is a US bank which can receive USD only from local banks in the US via wire or the ACH transfer.
The successor receiver has shared on the receivership website the info that the process of distribution via wire transfer would be completed in March.
It’s may now but the distribution via wire transfer is still awaited by me. Is it me only or there are others too still waiting for such distribution?
Of course you are not alone.
I have sent many many mails trying to contact receivership, and there is still no reply.
I have no idea what the fxxking wrong with the successor receiver, who seems always breaks his word!