Receiver For ZeekRewards.com Launches Web Site For Victims
For consumers who were ripped off by ZeekRewards.com, the case has now turned into a waiting game. The Securities and Exchange Commission has closed in on the Web site, which officials said was an online auction scam that took money from anxious investors in a combination Ponzi/pyramid scheme. According to The Daily Advance, a receiver has been appointed by a federal judge to try and recover assets for victims. A Web site established by the receiver said ZeekRewards, run by Paul Burks, 65, of Lexington, N.C., is believed to have been taking in $5 million per day from victims around the world. About $395 million was paid out to “members” who fell for the scam, and the receiver said another $225 million is believed to be stashed in 15 domestic and foreign financial institutions. Burks, meanwhile, is expected to pay a $4 million penalty for dreaming up and running the scam through his company, Rex Venture Group. Victims can contact the receiver and learn more about the recovery process at www.zeekrewardsrecievership.com.