ZeekRewards – who has the benefit of stopping Zeek Rewards? Does the company closed forever? Will return? Get money back? Latest news and discussions for www.zeekrewards.com.
Petition to the White House – can you help Zeek Rewards?
Whoever wishes to express its support here: Petition ZeekRewards – White House
ZEEKREWARDS MOVING TO EUROPE?
MESSAGE PUT OUT FROM DISGUISED IP ADDRESS
”This is to Inform you all that since we have to stop the Business for few Legal Issues in NC, We have paid the Fines and Penalties and We are shutting down Business for a few days and shifting our Main Office to Europe, since the Law is different there so we can resume our business from there, just keep Patience We’ll come back in the Business, Meanwhile we are launching another company (to keep your Passive Income) under Rex Venture Inc. You’ll be updated About it later Keep sharing the Blog we need your Help keep your Down lines Calm.”
4. Stay clear!
Complaint Against Rex Venture Group LLC (link on the bottom line)
Official source: forbes.com
Feds Halt Alleged $600 Million ZeekRewards Ponzi Scheme: How It Happened And What’s Next
On Friday, August 17, 2012, the Securities and Exchange Commission (“SEC”) filed an emergency action in a North Carolina federal court, alleging that ZeekRewards and its founder, Paul R. Burks, were involved in one ofthe largest Ponzi schemes in history. The move came as many began to question the legality of the operation and whether its promised 1.5% daily returns were simply ‘too good to be true.’ These fears were confirmed on Friday, with the unavailability of Zeek’s website and the closure of its Lexington, N.C. headquarters serving as an ominous precipitation of the SEC’s announcement Friday evening that it had halted the scheme as it teetered on the “verge of collapse”. The sheer number of victims, which authorities estimate tops 1 million, likely earns Zeek the infamous distinction as the largest Ponzi scheme in history by the number of investors, and will add a layer of complexity never seen before in trying to unravel the scheme and distribute funds to investors. For sake of comparison,the number of investors in Bernard Madoff’s $65 billion Ponzi scheme, the largest in history by investor losses, was “only” in the thousands.
According to authorities, Zeek consisted of two related operations, Zeek Rewards and Zeekler. Zeekler was an international penny auction website that offered users the ability to win merchandise by placing one-cent “bids”. Zeek Rewards was the investment arm of the operation, offering users the ability to share in up to 50% of daily “profits” by completing a daily set of tasks that included soliciting new customers and selling or giving away “bids” to new users. At the end of the day, users were paid “Profit Points” usually totaling 1.5% of their investment, and were given the choice either to receive their “profits” in cash or rollover the points to compound future returns. Many chose to re-invest, and due to the compounding nature of the Profit Points and the steady stream of new customers, authorities allege that the number of outstanding Profit Points was nearly 3 billion at the time the scheme was halted. The scheme depended on investors choosing to reinvest their profits, for according to the SEC, Zeek (www.zeekrewards.com) would have been insolvent in a matter of weeks, if not days, had investors chosen to receive their profits in cash.
No doubt in efforts to avoid the scrutiny of federal and state authorities, Zeek made it mandatory for new users to acknowledge that they “are NOT purchasing stock or any other form of ‘investment’ or equity” before becoming a member. While Zeek dubbed the operation as an “e-commerce subscription”, the SEC disagreed, charing that, in reality, the company was engaging in the fraudulent offering of unregistered securities.
In its announcement, the SEC also stated that Paul Burks, Zeek’s founder, was cooperating with authorities and had agreed to pay a $4 million civil penalty and relinquish all interests and assets in the company – all without admitting or denying any culpability. Burks cooperation should be seen as a positive sign for investors, as his knowledge of the scheme will significantly help authorities unravel the operation and account for all assets. According to the SEC, Zeek has paid over $375 million to investors to date, and currently holds approximately $225 million in investor funds in financial institutions all over the world. These funds were frozen in an emergency asset freeze granted by the North Carolina federal court, meaning that they cannot be dissipated or misappropriated during the course of the investigation.
Zeek and its affiliates have attracted scrutiny in recent weeks as investors increasingly began to doubt the operation’s legitimacy. According to David Dalrymple, President of the Winston Salem Better Business Bureau (“BBB”), the BBB had been receiving complaints for some time, and within the last 30 days alone had received 30,000 inquiries about Zeek. Said Dalrymple, “In twelve years as the President here, I cannot compare that to any level of inquiry for any other business. Ever.” Dalrymple stated that the BBB’s analysis of Zeek had raised many red flags, and that it immediately notified criminal authorities.
While investor losses pale in comparison to those experienced by Madoff or Stanford investors, the sheer number of Zeek investors is on a magnitude that has never been dealt with before in a receivership or bankruptcy context. To illustrate, assuming Zeek had one million investors, a simple 1-page summary for each investor summarizing contributions and withdrawals, stacked together, would be 101.3 meters high, or roughly 300 feet. The staggering number of victims suggests that investigation of the fraud and establishment of a distribution process will likely be a drawn-out process involving hundreds, if not thousands, of people.
Going forward, the first step will be the appointment of a receiver by the North Carolina federal court. In an Order filed late Friday, United States District Judge Graham Mullen appointed Kenneth Bell as the temporary receiver, empowering him to take control of Zeek’s assets and begin an investigation. Mr. Bell is a Partner at the Charlotte office of McGuireWoods, where his practice includes white collar crime. It is likely that Bell took control of Zeek’s offices yesterday immediately after the Order was signed. In the Order, Judge Graham also ordered Burks to provide a list of all assets, employees, and creditors of Zeek to the Receiver within 10 days, and a full accounting of assets, bank accounts, and other property within 30 days.
For now, the North Carolina Attorney General has established a hotline for concerned investors at (919) 716-6046.
The SEC’s announcement is here.
The SEC’s complaint is here.
The Court’s Order Appointing Receiver is here.
Are there ways to get back money from ZeekRewards?
Official source: U.S. Securities and Exchange Commission
SEC Shuts Down $600 Million Online Pyramid and Ponzi Scheme
FOR IMMEDIATE RELEASE 2012-160
Washington, D.C., Aug. 17, 2012 – The Securities and Exchange Commission today announced fraud charges and an emergency asset freeze to halt a $600 million Ponzi scheme on the verge of collapse. The emergency action assures that victims can recoup more of their money and potentially avoid devastating losses.
The SEC alleges that online marketer Paul Burks of Lexington, N.C. and his company Rex Venture Group have raised money from more than one million Internet customers nationwide and overseas through the website ZeekRewards.com, which they began in January 2011.
Official source: businessforhome.org
Rex Venture Group, which operates the online penny auction site Zeekler.com and affiliates program Zeek Rewards, has closed its headquarters for undisclosed reasons. Currently the websites are offline which is a nightmare for affiliates as for reporters.
The company, known to most as Zeek, posted three signs on the windows of its headquarters at 803 West Center St. in Lexington on Thursday that stated the office will be closed, telling visitors to “check the website for more information”.
There was no further information available on Zeekler.com or zeekrewards.com. The company also announced it is cancelling its upcoming “Red Carpet” event, scheduled for Wednesday.
The announcement, made on zeekrewardsnews.com, also advised readers to continue to monitor its websites for more information to be forthcoming.
Paul Burks, chief executive officer of Rex Venture Group, could not be reached for comment. Dr. Clifton Jolley, the company’s media representative, also could not be reached. Details about the closing were conflicting on Thursday.
Dozens of people arrived at the company’s headquarters throughout the afternoon on Thursday, only to find locked doors and confusion.
Unconfirmed sources said the building was being closed so Zeek could answer inquiries from the Attorney General, made in the form of a Civil Investigative Demand (CID).
According to N.C. General Statutes, a CID is an administrative subpoena that can be issued by the Attorney General whenever there is reason to believe a person, or entity, has information that is relevant to an ongoing investigation.
The Attorney General’s office could not be reached for comment on Thursday.
Troy Dooly’s website is currently down due to heavy traffic.
What is the way to get our money back from ZeekRewards?
Official source: the-dispatch.com
Rex Venture Group, which operates the online penny auction site Zeekler.com and affiliates program Zeek Rewards, has closed its headquarters for the remainder of the week for undisclosed reasons.
The company, known to most as Zeek, posted three signs on the windows of its headquarters at 803 W. Center St. in Lexington by about 4 p.m. on Thursday that stated the office will be closed, telling visitors to “check the website for more information.” As of 6:22 p.m., there was no further information available on Zeekler.com or zeekrewards.com.
Zeekler.com and zeekrewards.com were offline as of 9 p.m.
The company also announced it is canceling its upcoming “Red Carpet” event, scheduled for Wednesday. The announcement, made on zeekrewardsnews.com, also advised readers to continue to monitor its websites for more information to be forthcoming.
On Monday, the company also advised Zeek Rewards affiliates there would be no training, recruitment and leadership calls during “the next few days while planning is going on,” according to a message on zeekrewards.com.
Both Zeekler.com and Zeek Rewards have recently come under the scrutiny of the North Carolina Attorney General’s office, after dozens of users filed complaints and inquiries in the past six months. The company, which is rooted in its penny auction website, has expanded in the past year to let users buy in through an “affiliates program.” Some say the company is a good way to make a little more cash while others condemn it as the makings of a pyramid or Ponzi scheme.
Will we get our money back from ZeekRewards? Closed forever?
Official source: ibosocial.com
The internet is all a buzz right now over Zeek Rewards. I myself am a Zeek Rewards affiliate but will try to keep this post factual and unbiased.
As I said there is a lot of excitement in the air (and even panic with many). Much of what I have seen and read so far is speculation, because not much is really verifiable at this point. And several of the blogs and articles I have read are blowing it out of proportion.
One example is a post that stated complaints have been filed by dozens of unhappy customers. The information that I have been able to obtain states that there were eight complaints, and seven of them have been resolved and Zeek is in the process of resolving the other one.
Now I’m not saying that those eight people’s complaints are not valid, I suspect they are, and if I was one of them, it would be important to me, but what I am saying is that for a company that has grown as quickly as Zeek has, that is a good record, which implies that Zeek is not just some fly by night company or scam, but rather has implemented procedures for the long term.
What is known is that the Zeek Rewards is apparantly under investigation by the N.C. Attorney General’s office. Some posts and/or articles say that the AG shut the doors, but this is not verified either. Watch the video below to hear what Troy says about this.
Here is a video by Troy Dooly with mlmhelpdesk.com that gives some more insight on this.
Also here is Zeek Rewards news site
Summing things up, it’s really a waiting game at this point until Zeek Rewards comes out with some official information.
In the mean time, I would make these suggestions:
1.) If you are a Zeek affiliate, don’t stress, all your stessing is not going to change the outcome, either Zeek is and has been compliant, and if so, that will surface, and if not, then that will be known in time as well.
2.) Don’t panic. Panic will cause you to make decision in haste that might not be the wisest and best choices.
3.) If you are a marketer in another business opportunity, be careful how you exploit this whole ordeal, it may backfire on you in the aftermath.
I burned money customers ZeekRewards?
Official source: blog.mad4flash.com
Today is August 16, 2012 a depressing day for many when hundreds of thousands affiliates tried logging on to ZeekRewards only to find the following message “ Zeek Rewards is currently unavailable. More information will be available shortly on this website.” While the news site for ZeekRewards “http://www.zeekrewardsnews.com” is up and actively running it is flooded with so much incoming traffic that you will more than likely be getting the “503 Service Temporary Unavailable error” As ZeekRewards has over 2 million affiliates.
Why exactly did ZeekRewards and Zeekler shutdown and should we be worried? At this time affiliates need to remain calm as ZeekRewards is doing everything they are told after being put under investigation by the North Carolina Attorney General. This is not the first time an MLM company has been put under investigation, nor is it the first time ZeekRewards has been investigated. According the the North Carolina Attorney General there has been numerous complaints on Zeekler and ZeekRewards, in fact so many that it led up another investigation to ensure that everything Zeek is doing and has been doing is legal.
We need to allow the investigation to run its course, we can’t fan the flames and set false expectations or give out mis-information. Typically we can expect a downtime of 3 or more days and we should check the Zeekrewards and ZeekRewardsNews website regularly for updates and announcements.
Some concerns raised by affiliates is “Will my earnings still accumulate for these days Zeek is down?” More than likely no as no money is going into the system, we will have to patiently wait for Zeek to come back up. Many are worried if they have lost their money or if the company will even come back up; at this point and time we can’t make assumptions even though superficially it may seem like a tragedy in the day of Zeekland.
Troubles for Zeek Rewards began this week when the company abruptly announced the cancellation of all ‘training, recruitment or leadership calls ‘ on Monday. Zeek Rewards attributed the cancellation to ‘planning’ but what they were planning was not disclosed.
I’ve received and read different accounts of what exactly went down at Zeek HQ today, but from what I can gather around 2:30pm local time someone was seen changing the locks of the office with Zeek Rewards, whilst Zeek employees were observed leaving the office via the backdoor and carrying boxes of office supplies.
Supporting these observations, unconfirmed reports that Zeek Rewards employees were fired have also emerged:
Charles Marsh – Anyone know why they closed the doors, fired their employees and changed the locks this afternoon at 2:30?
Zeek posted a note and said they would update affiliates on their website but I haven’t found anything yet. Anyone have any idea what is going on?
Presently there is no access to the official ZeekRewards Facebook page, however there are other fan created Facebook pages with a plethora of comments and links. We need to be cautious about the information that users are putting out there, no accuracy can be 100% guaranteed unless it’s coming from the company itself.
Troy Dooly has been following Zeek for sometime (see video above) here are some of the comments and updates we have from him: I myself personally dialed into a conference call with Troy, they are doing everything they can to make sure the company is protected.
Update 9:22am August 17th, 2012 – Zeek Rewards have just pulled the plug on their company Facebook page. No explanation has been provided.
Update 10:08am August 17th, 2012 – Troy Dooly has surfaced in a new video claiming that the changing of locks at Zeek HQ is only evidence of an “administrative investigation of some kind”.
Dooly also claims that employees carrying boxes out of Zeek offices means ‘there’s not any type of criminal investigation going on’ and that the Zeek Rewards and Zeekler websites being pulled offline is a ‘good indication has told Zeek (Rex Venture Group) that “you’re not taking in any new money, period.”‘
Despite claiming just a few days ago that Zeek’s Red Carpet day was going ahead as planned, Dooly also claimed Zeek cancelling the event “was expected”.
He confirms that as of yet he has heard nothing back from Zeek Rewards management on today’s events.
What Typically Happens in an Investigation?
Zeek is very strict with compliance and legalities which is why when an investigation is underway the first thing that needs to happen requires the website to be shut down so no further money can be brought into the system. Zeek of course did comply, secondly everything will have to be thoroughly investigated to ensure that Zeeks compensation plan is legal and everything they have been doing is legal as far as the revenue brought in by both Zeekler and ZeekRewards.
Once everything checks out Zeek will be brought backup online, once again I can’t give out an exact time frame unfortunately. Please keep posted to the official sites of ZeekRewards for the latest news and updates. Please leave any comments or questions you may have.
If you decide to spend real money on the internet – look online for ways to make money: http://reviewandassessment.com
Frequently Asked Questions and Concerns:
Q: Is ZeekRewards (www.zeekrewards.com) really shutdown and will it be coming back up soon?
Q: If I sent off money recently to purchase bids what should I do?
A: Once again please stick to official updates and be a bit patient, It’s normal to be worried but we can just make a bunch of assumptions just yet.
ZeekRewards Affiliates: Share your experience with ZeekRewards and what it has done for you, I would like to hear your thoughts below in a comment! Let’s see how many people support ZeekRewards even in times like this!
Expect more news about the future of ZeekRewards
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