Ponzi Tracker Reports: Zeek Rewards Headquarters, Inventory Up For Auction

The former headquarters of collapsed Ponzi scheme Zeek Rewards, as well as thousands of items such as country music memorabilia and office equipment, is scheduled to be auctioned off next week as the court-appointed receiver seeks to amass funds for eventual distribution to victims that suffered nearly $600 million in collective losses. The auction, which is scheduled to be held at Zeek’s former warehouse in Lexington, North Carolina, is scheduled for December 16th and 17th, and will allow interested parties a chance to bid on the schemes former warehouse and headquarters, as well as a variety of personal items seized when authorities shut down the scheme.  

Back in October, court-appointed receiver Kenneth Bell sought court approval to conduct the auction, arguing that the proposed auction “will result in additional cash being deposited into the Receivership Estate’s accounts and will increase the overall recovery for claimants.”  The Receiver also sought to auction thousands of pieces of personal property that had been located in the various offices seized in the aftermath of the scheme.  Notably, the Receiver indicated that he anticipated “certain third parties will claim an interest in some portion or all of this property,” and requested the presence of a United States Marshall in addition to the auction company’s provided security “in the event that there are any challenges to the Receiver’s authority to auction the real and personal property.”  U.S District Judge Graham Mullen signed an order approving the proposed terms of the auction in late October.

The two properties up for auction include the building that formerly served as Zeek’s primary office and  an attached laundromat.  In addition to the real properties, the items up for auction include an extensive country music memorabilia collection that includes autographed items, guitars, and even clothing worn by famous country entertainers including Merle Haggard, Alan Jackson, and Travis Tritt.  An official from Iron Horse Auction Co., which is overseeing the auction, remarked that “it’s a big collection and is drawing a lot of attention.”  Both the real properties and the memorabilia collection are scheduled to be auctioned off on Monday, December 16th.  On Tuesday, December 17th, a variety of furniture and office equipment will be offered for auction, including bedroom sets, office chairs, and even a “heavily soiled” love seat.  

Interested bidders will not only be able to attend the auction in person, but will also be able to submit bids through an online portal established by the auctioneer company.  This portal, available in two separate webpages for the Monday and Tuesday sale, is currently live and the entire auction catalog is available for browsing.  

A copy of the Motion to Approve Sale of Real Property is below:

 

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