According to the court-appointed receiver of the Zeek Rewards Ponzi scheme, which has been shut down by the secret service last year, the HYIP offshore payment processors Payza and SolidTrustPay may hold even more money than originally believed. Initially it has been announced that these payment processors held more than $40 million connected to Zeek.
SolidTrustPay is operating out of Canada and Payza, which was called AlertPay in the past, also operated from there. However the real location of Payza today is not known. They are just using a UK company to hide and are most likely operated out of russia as of today. The Financial Services Authority (FSA) has issued a warning regarding Payza and its UK company “MH Pillars Limited” as it is not licensed to provide any financial services to UK citizens.
Both SolidTrustPay and Payza appear constantly in relation to HYIPs and the names have appeared in several court fillings against various HYIP schemes in the past, including the Pathway To Prosperity fraud in 2010 ($72 million) and the AdSurfDaily fraud in 2008 ($119 million). Also one of the biggest Ponzi schemes of the past years, JSSTripler / JustBeenPaid / Profitclicking, was using SolidTrustPay’s and Payza’s services.
There might now be further investigations going on regarding SolidTrustPay and Payza in order to seize the funds that are still left from the Zeek Rewards Ponzi scam. Kenneth D. Bell, the receiver, is in charge of collecting the money back from payment processors and people who made profits and issue refunds to those who lost. So in the end there will be almost no one left who benefited from this scam.
According to the SEC, Zeek Rewards was a $600 million Ponzi scheme, that used at least 15 foreign and domestic financial institutions to process transactions. The current investigation could not only lead to action against thousands of former Zeek affiliates but could also affect other HYIP Ponzi schemes and their serial promoters which hold accounts in the above mentioned payment processors.