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.
Zhunrize @ BehindMLM
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.
Good news for Zhunrize victims, with news that a claims process has been approved. This means that those who lost funds in Zhunrize can now file claims for processing.
Last we checked in on the Zhunrize Ponzi scheme bust, $70.7 million USD had been recovered and a Receiver put in charge of the company. Now, after working for over four months to secure funds and establish a claims process through which Zhunrize victims can be compensated, the Zhunrize Receiver has filed his first quarter [Continue reading…]
Back in September of 2014, the SEC had shut Zhunrize down for being a $105 million dollar Ponzi scheme. The parties settled in December, with part of the settlement requiring the establishment of a Receivership. Since then Michael Fuqua has been appointed Receiver in the Zhunrize case. As part of his Receiver duties, Fuqua has been [Continue reading…]
We initially reported on the SEC shutdown of Zhunrize back in late September. Over the last few months the case has slowly progressed, culminating in a settlement agreement reached yesterday.
It’s the way in which Zhunrize pay out commissions to their affiliates which drags this opportunity into murky pyramid and potential Ponzi scheme territory. Within the company themselves there’s no retail, as Zhunrize themselves only sell affiliate membership fees. Put all of it together and, as an MLM business opportunity, Zhunrize leaves a lot to [Continue reading…]
Zhunrize appears to have launched in early 2013 (incorporated in early 2012) and operates in the e-commerce MLM niche. Heading up Zhunrize is CEO Jeff Pan (below right), who claims in his Zhunrize corporate bio to have a total of 24 years extensive experience in the areas of international trade, capital advisory, VC and PE [Continue reading…]