Zeek Rewards News Video Update

Make sure to view the previous post with Troy Dooly's video.  Very important - do not try to stay in Zeek if they ship overseas! That would be VERY illegal and that person could end up with jail time. 

http://zeekrewardsupdates.blogspot.com/2012/08/a-word-of-advice-from-troy-dooly.html

*Update* on Zeek Rewards Case

New information regarding the case:  Here are a couple of very important paragraphs from the court documents.  It goes to show that even though affiliates were informed by Zeek Rewards that it was not an investment, it actually was.  For example, someone could tell me that a penny is a quarter, but that doesn't change the fact that it is, indeed, a penny!  Here is one thing that shows they were a ponzie scheme (taken from court documents for informative reasons):

           "Approximately 98% of ZeekRewards’ total revenues, and correspondingly the purported share of “net profits” paid to current investors, are comprised of funds received from new investors."

They did NOT disclose that information to its affiliates.  So, approximately 98% of payments came from people joining further down the line.  A true Ponzie act.


            
            " Defendants have violated, and unless enjoined will continue to violate, the antifraud and securities registration provisions of the federal securities laws. Unless restrained and enjoined, Defendants are likely to engage in future violations of the federal securities laws. Accordingly, the Commission (A) seeks to preserve investor funds through an asset freeze, (B) seeks orders (i) for an accounting, (ii) prohibiting the destruction of documents and (iii) appointing a temporary receiver over the Defendants’ assets; and (C) seeks preliminary and permanent injunctions, disgorgement with prejudgment interest, and civil penalties against each of the Defendants."

To me, that means that because someone else is in charge of the company's "paperwork", they will be able to see what amounts were purchased by each person.   So if they are freezing assets, investor funds should be sitting in there and hopefully everyone will possibly get back what they used to purchase bids.  To look further into the United States District Court for the Western Distriict of North Carolina, read the legal document here.

1. [UPDATE-10:18pm: http://www.ponzitracker.com/storage/order.pdf Ken Bell is now in charge of all Zeek information as deemed by the court.  Thanks to Kchang for the info!]

Paul Burks settled with SEC

Here is a direct quote:  "Burks has agreed to settle the SEC's charges against him without admitting or denying the allegations, and agreed to cooperate with a court-appointed receiver."

Zeek is Done ... or Is IT?

Possible Ponzi Scheme determination by the SEC....stay tuned!!  Or is it just a bunch of hype??  I know a lot of you have bought a lot of bids, and are hoping and praying that this claim is false.  Zeek had stated that they are NOT an investment company.  So claims that they are, in my opinion, an investment are false.  I will keep you posted...

**Update** - ZeekRewards and Zeekler have been shut down by the SEC.