SEC Shuts Down Zeek Rewards: Calls It A $600 Million Dollar Ponzi Scheme
The rumors are true my friends… The SEC came down hard on Zeek Rewards on August 16th 2012 by shutting down their operation. They came to find out that Zeek Rewards was actually a pyramid/ponzi scheme that was made to look like a penny auction site, being marketed through a word of mouth business model.
The CEO and President of Zeek Rewards Paul Burks has neither confirmed or denied the charges brought against him and his company, yet he has agreed to pay a hefty $4 million dollar penalty to the SEC.
The courts have appointed a lawyer to represent the people who were scammed by the company, and is working on managing the remaining assets and paying them back out to the distributors.
The company still apparently has over $225 million of investor funds being held in 15 foreign bank accounts. The fact that much money was held in 15 seperate banks, all in FOREIGN countries should give a clue of what was going on there… But I am sure the distributors who got scammed by this had no idea it was all being held overseas.
The real shocker here was just a few days after being shut down in the United States news surfaced that Zeek Rewards was planning on opening up all over again in Europe. This will most definitely stir a problem, as Europe is almost always stricter on multi level marketing companies than the United States.
We will see how this plays out… I just feel bad for all the families who left their full time career to pursue this Zeek thing full time. Hopefully they get some of their invested funds back and can find work or a new marketing opportunity.
I will see you on the beaches of the world my friends…
I can’t WAIT to hear your success story!
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