Oct 4, 2012

Will Zeekler Give Your Money Back?

It's No Secret - I am in no way shape or form a fan of the government's regulations...Take Pokerstars for example - the world's largest online poker site to date - has agreed to settle with the government for a mere $731 million. Come on, let's be honest with ourselves -  that's chump change to my Sumo-Sized Sushi Bill. 

Under the government agreement, PokerStars (based in the Isle of Man), will also purchase Full Tilt Poker, a former rival which collapsed following the U.S. government’s move in April 2011 to shut down the U.S. operations of the major online poker operators. The deal requires PokerStars to forfeit $547 million to the U.S. government and  make $184 million available to reimburse non-U.S. customers of Full Tilt within 90 days who had money on deposit at the company. That's A-LOT of sumo-bucks!

Similarly there's reportedly $225 million in (zeek)assets scattered across international banks that a receiver (attorney) will be attempting to figure out what to do with. For those of you who were involved in Zeek Rewards - Let's pray the receiver is an honest one otherwise they may not be able to recover as much money. wink

Realistically I'm not sure why this didn't happen sooner. If your company needs to scatter (hide) it’s money across more than a dozen international banks, isn’t that a red flag? On the flipside, who in Zeekler thought they could get away with this?
Our judges give that play by Zeekler 10 FAT Splashes.

Not everything looks so drab and grim. There may still be hope for you yet young sumo-ling. Listen up...

If you are looking to get some of your money back, there is now an official web site within information: http://www.zeekrewardsreceivership.com/ 

The site has case documents, an FAQ and a place to make contact via email.
Here is what the site says:

On August 17, 2012, the Securities and Exchange Commission (“SEC”) filed a Complaint in United States District Court, Western District of North Carolina, Charlotte Division, against Rex Venture Group, LLC (“Rex Venture”) d/b/a ZeekRewards.com (“ZeekRewards”), and Paul R. Burks. The SEC alleges that Rex Venture and Burks offered and sold unregistered securities in a combined Ponzi and pyramid scheme.

On August 17, 2012, Judge Graham C. Mullen issued an Order appointing Kenneth D. Bell of McGuireWoods LLP as temporary receiver (“Receiver”) for Rex Venture Group, LLC d/b/a ZeekRewards.com. The August 17th order directs the Receiver to, among other things, take control and possession of and to operate the Receivership Estate, and to perform all acts necessary to conserve, hold, manage and preserve the value of the Receivership Estate.

At this time there is no claims process and no distribution. The Receiver is currently gathering ZeekRewards investment history and harmed investor information from the Defendants in an effort to facilitate the claims process and subsequent distribution to harmed investors.

What do you think should happen with Zeekler and Zeek Rewards?

Kung Pow Pow Sumo

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