Breaking Zeek Rewards News: 120 Days To File A Claim Or Lose Out Forever!

Jordan Maglich over at PonziTracker.com broke this news earlier today. I used his editorial to cover the most important parts of what this means for the victims and claimants of Zeek Rewards.

 

Troy’s Thoughts: It is clear from the filings that Kenneth Bell and his team are working to make the claims process, as cost effective for the estate as possible.  But, it is the responsibility of those who are victims to pay close attention and make sure you fully understand what you must do to get your claims filed and accepted.

Kenneth D Bell

Should the Court approve the Motion in its current form, the Receiver proposes that he will provide notice to all interested parties via several methods:

  1. Making the Claims Process publicly available on the Reeiver’s website at a soon-to-be-functional Claims Portal;
  2. Emailing all known affiliates through email addresses obtained from Receivership records and collected at the Receiver’s website;
  3. By U.S. Mail to trade creditors and other known, non-affiliate creditors; and
  4. Publishing the Receiver’s Notice on the Receiver’s website, certain multilevel marketing sites, certain newspapers, and sending the Notice to certain trade groups in the financial industry.

Within 14 days of court approval of the Motion and included in the court-approved notice to claimants, the Receiver proposes to have a Claims Portal active on his website, www.zeekrewardsreceivership.com.  According to the Receiver, the Portal is “designed to capture the claims of all Claimants…in the most cost effective way possible.”  Thus, all claimants, whether affiliates or non-affiliates, should files claims at the Claims Portal.  Indeed,

Failure to submit a validly completed claim on the Claim Portal (or by alternative means that are agreed to between such Claimant and the Receiver prior to the Bar Date) will preclude a Claimant from receiving a distribution from the Receivership Defendant regardless of the validity of the Claimant’s claims.

VIP Points Not Allowed

One issue of note is the Receiver’s proposal to omit any inclusion of “Retail Profit Points” or “VIP Points” in the calculation or determination of any claim.  Akin to interest, the VIP Points were accrued by purchasing sample or VIP bids and then re-distributing them to retail customers or back to Zeek.  The VIP Points then allowed the affiliate to participate in the daily percentage payout from Zeek, which averaged approximately 1.5%.  As is universally understood in other receiverships, victims of Ponzi schemes are entitled only to their lost principal balance, and not to any fictitious interest (or, in this case, points) that they may have accumulated.  Indeed, especially since the vast majority of Ponzi schemes are unable to accomplish a total return of victim losses, allowing interest as part of a valid claim would reward some victims at the expense of others. Source – PonziTracker.com 

 

Court Filings Regarding the above Motion

Motion

Exhibit #1

Exhibit #2

Exhibit #3

Exhibit #4

Exhibit #5

 

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18 thoughts on “Breaking Zeek Rewards News: 120 Days To File A Claim Or Lose Out Forever!”

  1. Troy, Thank you for all the accurate information! please tell me because I didnt understand/ can I open a claim now ? I investes 5000$, until zeek shut down after 2 months. I havent open a claim yet. how do I open it? please help me.

    THANK YOU

  2. VIP points were just that points. You will get some of your $4000 back if you are approved. But the 12000 points, were not cash. They were used to calculate the amount of interest you would have earned on your investment, if the investment had been deemed legit.

  3. Myke,

    The most current letter from the Receiver states, the Portal will open 14 days after the Court approves the final process. From that point forward you will have 120 days.

  4. Troy,

    On the receivership website it says that we will have 14 days to file a claim once the portal opens not 120 days. Is there a misunderstanding on my part?

    Thanks in advance,
    Myke

  5. So it says that who has his money on VIP points will not get his “invest” back?

    I put 4000$ in zeek rewards and i didnt cashout.
    My balance was 12,000 in VIP Points.
    After 2 months zeek was shotdown.

    Did i see my money back?

    Rami

  6. hi, troy, can you answer if you know,in how many time the Court approve the Motion? weeks, months…, thanks… soryy by my english, i am from spain

  7. zeek was telling us to change our passwords often and there may be people that don’t remember their password. would they not get their money back?

  8. A lot of critics of Bell have been pointing the finger at his law firm and the government for this program being shut down. The naive don’t even realize who pulled the strings in the first place, which is why the documentary “Owned & Operated” (http://imdb.to/13FlcQn), pointed out who and what the real cause has been. Troy provides a balanced view of issues, but you still have to educate yourself from time to time.

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