The last Zhunrize defendant holding out has settled with the Receiver. Todd Spencer was named as a clawback defendant in the Zhunrize Receiver’s $2.8 million Vodaware lawsuit. Through Vodaware, Spencer is believed to have received upwards of $350,000 in stolen Zhunrize investor funds.
Zhunrize @ BehindMLM
Of the scammers behind the Zhunrize Ponzi scheme, only Todd Spencer remains as an active defendant. Spencer was sued by the Zhunrize Receiver, as part of a $2.8 million clawback lawsuit filed against Vodaware. Through Vodaware, Spencer is believed to have received upwards of $350,000 in stolen Zhunrize investor funds. In a Status Report filed [Continue reading…]
A Fourteenth Status Report has been filed by the Zhunrize Receiver, revealing that the victim claim process will wrap up this quarter.
Despite Zhunrize being a $100 million Ponzi scheme and pretty much every insider reaching a clawback settlement with the Receiver, Jeffery Todd Spencer believes the $350,000+ he received is his to keep. In a filed June 28th Joint Preliminary Report, additional details of Spencer’s clawback lawsuit have been revealed.
In late 2017 the Zhunrize Reciever filed suit against Vodaware. Vodaware was essentially a shell company set up to assist in the operation of Zhunrize. Ironically the company’s initial cooperation with the Zhunrize Receivership led to the Receiver uncovering it as the recipient of $2.8 million in stolen investor funds. The Receiver’s lawsuit named Vodaware, Inc., [Continue reading…]
The Zhunrize Recevier’s clawback lawsuit against Vodaware is a bit unusual. Zhunrize was a $100 million dollar Ponzi scheme shut down by the SEC in 2014. Upon being appointed, the Zhunrize Receiver retained employees from Vodaware, the company that created Zhunrize’s website, to assist in pulling electronic data for use in the claims analysis. The [Continue reading…]
Last we checked in the Zhunrize Receiver had sought approval for 2858 victim claim payouts, coming in at $41 million. Zhunrize affiliates had initially filed for $99 million in losses, however $58 million in claims were deemed bogus. On March 10th the Receiver’s request was granted, paving the way for victim claim distribution.
Following a lengthy analysis of 20,219 victim claims totaling $99 million, the Zhunrize Receiver has determined $41 million across 2858 claims is actually payable. Along with nine vendor claims totaling $338,254, the Receiver has asked the court to approve the distribution of funds on these claims.
Back in August the Zhunrize Receiver announced that 2,395 out of 19,905 filed victim claims, representing losses of $33.9 million dollars, have been allowed. The Receiver has been working with victims of disallowed claims, with another 466 claims since allowed.
Following several extensions, the cutoff date for Zhunrize victims to file claims expired on April 16th, 2016. In total 19,905 victim claims were filed for $93.1 million dollars in losses.