Zeek Rewards victims to foot pro-Ponzi expert bill
You’d think some two and a half years after Zeek Rewards was shut down and revealed to be an $850 million dollar scam, that the issue of whether or not it was a Ponzi scheme would have been wholly settled.
Unfortunately that’s not the case.
In their latest ploy to avoid paying back those they stole from, Zeek’s top US investors will now elect a “rebuttal expert” to argue their case.
And wasting even more time isn’t the half of it. Through the Receivership, Zeek’s victims are going to partially foot the expert’s fees.
These latest developments come by way of a status conference held on January 8th between Zeek’s top net-winners and the Receiver.
As per an order published on January 12th,
Pursuant to discussions at the status conference, the Court has determined that the Receiver will have to bear some of Defendants’ costs of hiring a rebuttal expert.
How much a pro-Ponzi rebuttal expert costs I have no idea, but obviously enough that Zeek’s net-winners, some of which made off with millions, don’t want to foot the entire bill themselves.
Defendants are to obtain bids and submit to the Court a report outlining the bid process and the scope of the work, informing the Court of the identity of the expert that they intend to hire, and including a budget.
As above, the expert is to be chosen via a bidding process. With the order only published yesterday, who Zeek’s net-winners have in mind to argue Zeek wasn’t a Ponzi scheme is uncertain.
One can bet though that, once chosen, the same old “we sold bids and did real work” arguments that have already been rejected will be trotted out.
On one hand I get why the court is letting Zeek’s top thieves have their 5 minute argument in court, but at the same time do believe it runs contrary to sorting this mess out as quickly and efficiently as possible.
And for those of you honestly believe this pro-Ponzi expert is going to make a lick of difference, one only need look at Gerry Nehra’s expert testimony in the AdSurfDaily case a few years back.
Called to testify as an expert witness in favor of the scheme, Nehra filed an affidavit with the court claiming AdSurfDaily was not a Ponzi scheme.
That amounted to nothing, with AdSurfDaily’s founder Andy Bowdoin confessing it was a Ponzi scheme in 2012. That’s in addition to the mountain of evidence provided by the regulators who shut the scheme down in 2008.
Zeek Rewards, which like AdSurfDaily combined worthless advertising and Ponzi investment, will be no different.
The only shame is that Zeek’s victims are going to have to pay to see this theater play out. And at the end of the day Zeek’s top thieves are still going to have to pay back what they stole.
On and on it goes…
Footnote: Our thanks to Don@ASDUpdates for providing a copy of the 8th January 2015 status conference order.