Zeek Rewards Claims Portal Is Open - Essay Example

Five days ago I reported that the Zeek Rewards claims portal is scheduled to open soon. This has now happened. The portal is accessible through the website of the court appointed receiver and also through a separate website. All claims must be filed by 11:59 p.m. (prevailing Eastern time) on September 5, 2013.

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Graham C. Mullen, Senior U.S. District Judge of the Western District of North Carolina has approved the Zeek Rewards claims process on May 8. Kenneth D. Bell said in a letter to Zeek participants last week, that there are potentially more than 1 million claimants. Before you are filing a claim you should make yourself familiar with the claims FAQ.

Zeek Rewards has been described as a $600 million Ponzi scheme by the SEC back in August 2012. The scheme was operated by Paul R. Burks and Rex Venture Group LLC. The scheme was selling unlicensed securities and promising its investors an unrealistic return of 1.5% per day.

The crackdown of the Zeek Rewards Ponzi scheme was the spark that ignited kind of a fire inside the so-called “HYIP industry”. Since then there are lots of authorities going after such schemes. The most recent sample is the crackdown on the Profitable Sunrise Ponzi scheme of which large amounts have been frozen in foreign bank accounts.