Zeek Receivership to make one last partial distribution
Citing ongoing litigation with VictoriaBank, the Zeek Receivership has announced an interim partial distribution.
With the Receivership winding up after the VictoriaBank litigation concludes, the original plan was to hold out until a final distribution could be made.
The VictoriaBank litigation continues to drag on however, prompting the Receivership to apply for permission to distribute $28 million on February 5th.
The court approved distribution on February 10th, meaning Zeek Rewards victims with valid claims will soon be receiving an interim payment.
At this stage it’s unclear when the VictoriaBank litigation will resolve. VictoriaBank is desperately trying to retain ownership of $13.1 million in stolen investor funds.
Last we checked in the Receivership had filed an appeal against a decision that went in VictoriaBank’s favor.
Stated the Receiver in a February 11th announcement;
After considering the potential for continued and protracted litigation with Victoriabank of Moldova, which is now on appeal for the second time, I did not find it reasonable to wait to make another distribution until the litigation ends, which may potentially be a year or more.
The Zeek Receivership’s dispute with VictoriaBank dates back to 2016.
Update 28th March 2020 – The Receiver has provided an update regarding the interim distribution:
The Receiver Team has been working diligently to execute this distribution, which requires significant work by multiple vendors and extensive correspondence with the bank.
I have received many inquiries from claimants regarding the timing of this distribution. While I cannot provide a specific date by which we will begin making the payments, I hope that we will be able to begin sending the checks in the next thirty days.
Note that this isn’t a definitive timeline.
What’s this click “claim” junk?
The receiver already has all claimants info. This leads me to believe that this notice of a final partial payout is a scam.
Click claim?
So will this be the last recovery payment that we will see?
If so, what happens to the several million dollars that are still out there?
This is the final partial distribution. There’s still a final payment to be made at some point.
This is the 4th distribution with the 5th (last) at some point.
1st 09/30/2014
2nd 07/31/2015
3rd 03/15/2017
4th (pending) @Mar 1st 2020.
5th ???
It probably ends up @7 years between 1st and final payment and it’s on the 2nd receiver. (The original receiver is a judge now)
Anyone have any updates about the info that was disseminated in early February about a “final partial payment” to zeek victims?
I’ve heard absolutely nothing from anyone other than the couple of people that have commented on this thread which usually means the info wasn’t true.
It’s already March 3rd and no one I know has received a payment. And not one person had heard about any type of distribution in the works. So this could’ve been a hoax.
Hoax? The information came directly from the Receiver himself.
No timeline for payment was given in the Receiver’s announcement.
website is down, how will I get my money now?
If you have a valid claim the Receivership has your details. Website issue is probably temporary.
I am still waiting on my final payments.
Thank you,
Kenny M
@Oz, as far as no timetable given by the receiver, he said the distributions would begin within the next several weeks.
It’s already been almost 6 weeks now since the court approved the partial distribution back on 2/10/20. So have you or anyone else you know received your check yet? I know I haven’t received anything.
When Kenneth Bell announced an upcoming distribution, it wasn’t very long until checks actually arrived.
Haven’t heard anything. Note that I have nothing to do with the Receivership.
In re-reading my questions/comments, I don’t see anywhere in which I insinuated that you had anything to do with the receivership.
I was just making it clear. I also don’t have a Zeek Rewards claim, nor know anyone personally who does.
Well I do have a claim. And I happen to know many other people that do too.
So if you’re not even involved, then why would you even concern yourself with this?
Uh, because BehindMLM?
Not easy being Oz.,.. =
Gets shit from scammers trying to scam,..
Gets shit from failed scammers being saved by the gov..
Gets shit from victims of scams we likely covered before said victims invested and lost their money…
Yeah, sucks sometimes 🙁
Neither one of you fools know what you’re talking about. When you have nothing constructive to say you talk from a place that you weren’t meant to talk from.
So keep going, can’t wait to see what brilliance you come up with next.
Yeah, I’ve only been covering Zeek Rewards since September 2011. With two hundred and twenty-six articles under my belt.
What the fuck do I know.
@howard
Scammers be scamming….
Article updated with news of interim distribution date.
I’m seeing posts that checks went out on 04/16/20 for @ 5% of the recognized amount owed.
Can someone with a claim check the portal?
I don’t have exact % but this 4th check should should get victims to @75-80% of what they were owed.
Yes, the checks went out on April 16. A little under 6%. Everyone should probably receive within 7-10 days, I would think.
The amount is on the portal website with a distribution date of 04-16-20.
I received my partial distribution check today. It brings me up to a total of a little over $8,000 received of the $10,000 (81%) that I put into the scheme.
Partial distributions have been trickling in over a period of several years, but hey, partial distributions have been made. Good and honest work done by the receivership doing its best to make net losers such as I whole.
Even if I never receive another dime, 81% is way better than nothing. But I trust that eventually, I will receive the remaining 19% over time.
Hi, can someone help me on my situation. I live in Pakistan and have approved claim of around $1800.
Receiver issued me multiple cheques so far however i am unable to cash any one of them as no one of them is above $250 which is minimum amount that wells fargo entertains for international clearing.
I came to know when i sent few check through my lical bank for clearance back in 2015.
I dont know now how should i get my money. I requested wire transfer but receiver has no update on it.
Sounds like something you should follow up with the Receiver.
I received my cheque that was dated 16th April 2020 on the 29th September 2020. It was postmarked the 6th September 2020 and the time of postmark was 14.39h.
I drove straight to my bank to deposit the cheque where I was informed that the 180 day limit to present the cheque was almost up and they were not sure if I would get the money.
However we proceeded with the paperwork etc and finally on the 11/11/2020 the cheque was cleared and put in my account. Long saga with this one getting it to Australia during Covid 19 it seems.
This brings me to 81% of money being returned to me so far. More than I ever expected and by July 2020 I had even given up on receiving this one at all.