Zeek Rewards News & Court Info: Kenneth Bell Issues 4th Quarter Report On Rex Venture Group

Rex Venture Group, LLC receiver, Kenneth Bell issues his 4th-quarter report on what his team has been accomplishing in the Seek Rewards case. Jordan Maglich of Ponzi Tracker wrote a short but very defined synopis of the report. Our goal at MLM Help Desk is to provide the most current Zeek Rewards news and information to help all former affiliates make informed decisions.

I also want to caution all interested parties, if you are looking at Penny Auctions with compensation plans, Daily Payout Deals, or any other form of High-Yeild Investment Programs (HYIPs), I personally beleive these business models, have proven not to be the most condusive to a direct selling business model. In the matter of Daily Payout Deals and HYIPs, there is enough compliance and legal issues, let alone case law to substanciate the fact these business models, at best boardline on being illegal inside of North America and other countries across the globe.

The main questions that most former Zeek Rewards affiliates have been asking is…

1. Are we getting 1099s for 2012?

2. When can we file claims?

Kenneth Bell, answers these questions and much more in the report. Here is what the Rex Venture Group, LLC., Receiver stated in the RECEIVER’S STATUS REPORT FOR THE FOURTH QUARTER OF 2012! For all court documents click here!

5. Issues Concerning Federal Taxes

During the fourth quarter, the Receiver Team worked to determine which federal tax filings needed to be made with respect to income taxes, payments made to service providers, and payments made to Affiliate-Investors. The efforts were focused on the latter two issues because of the earlier filing deadline (January 31, 2013). The Receiver Team, including FTI, had discussions with RVG’s outside tax and accounting advisors to ascertain what had been filed for 2011 and earlier. After analyzing the issues, consulting with these various entities, and reviewing RVG’s records, the Receiver Team determined that it would be necessary to file and issue 1099s to certain Affiliate-Investors and began the process of compiling the data necessary to issue the 1099s.

8. Work to Establish a Claims Process

Since the outset of this case, the Receiver has understood that creating an efficient and accurate claims process, while keeping the administrative costs as low as possible, is imperative to providing the creditors of the Receivership Defendant with the greatest possible recovery on their claims. Specifically, with more than two million unique usernames registered on ZeekRewards.com and approximately one million usernames investing funds in the Receivership Defendant, the claims process represents an immense undertaking that may comprise the largest single expense for the Receivership Estate. Because of the gravity of this expense and the need for the process to be done properly in the first instance, the Receiver has enlisted numerous members of the Receiver Team to formulate this process, including lawyers at MW and advisors at FTI and The Garden City Group (“GCG”), the claims agent recently retained by the Receiver.

During the fourth quarter, the Receiver Team worked to create a claims process and the necessary claim form. The Receiver anticipates filing a motion seeking approval of the Claims Submission Process by the conclusion of the first quarter of 2013. The Claims Motion will seek (i) approval of the claims submission process, (ii) to establish the date by which claims must be filed against the Receivership Defendant (the “Bar Date”), and (iii) approval of the noticing procedures to be used in providing notice of the Bar Date and the claims submission process. More detailed information about the proposed claims process is set out in the Final Liquidation Plan to be filed January 31, 2013.

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16 thoughts on “Zeek Rewards News & Court Info: Kenneth Bell Issues 4th Quarter Report On Rex Venture Group”

  1. Hi Mr. Troy , my husband has put up the only savings we have with Zeek Rewards in the hope that the said money would generate somehow some revenue . . it is of great tragedy to us with the misfortune happened to Zeek Reward . . I would just want to ask some favor . . with my husband’s health problem , we want our money back . . any earnings doesn’t matter anymore now . Please give us some directions , where
    can we have that claim form ? thanks for the assistance . . .

  2. there’s no place for us to contact him.. this site is only to buy his product!! Can you advise where we can find him?

  3. I have a question.I got a 1099 for Zeekler..of 6000 something however.. I never got 6000 dollars..but instead.. i put in 3000 and got 1000 back where 2000 was still in there then it was closed down. I know you said to go on sandy’s site however sandy’s site is only for buying his book and cd. I wrote to the receivership however no one replied back. Can you advise of where I can find information about what to??

    Thank you,

  4. JIm,

    Thanks for taking time to comment.

    Although there are companies who use multi-level compensation plans, to promote their scams.

    This does not mean they are direct sales companies or legit network marketing companies.

    The same thing happens in just about every industry in the world.

  5. MLMs are a sham, I will never enter a MLM again. These MLMers can stick their shakes and their over priced vitamins and their scam penny auctions up their pieholes!!

  6. Hi Troy, I just got a 1099 today stating that I made $23599 during this past 2012 year, yet my account never grew to even surpass 5000 points and also I saw absolutely no money from zeek since it was all reinvested into repurchasing bids. I had just filed my taxes a few days ago. Do we have to proof somehow that we received $0? Or are we just going to get charged taxes on money that was never received? Do you have any information that can be helpful on this? Thanks for your time.

  7. Seems to me that Ken Bell has muddied the waters by sending out 1099s to report “income” received.

    I “invested” $10k, and received back $1k. Now I’ve received a 1099 for $1k. This means that I should now report the $1k as income and deduct the $10k for bids purchased. This also means that should I receive back some of my “investment” back in 2013, I’ll have to report that as income in 2013.

    The reality is that the $1k was not income, Ponzi scheme losses are deductible as ordinary losses but are taken in the year that you have a firm handle on what your loss is (which presumably will be 2013).

    This 1099 just makes the whole mess, messier.

  8. Troy, i never have a chance to withdraw any money from zeeks but i did put in 10k, do you say that i will receive a 1099 too? Yes i have file my tax already! and by the way thank you very much for the update

  9. Hey Troy, I only made couple hundred on Zeek and filed my taxes already. You say we are going to get a 1099c. Does this mean I gonna have to pay more taxes or get some back cause I paid taxes on the money I made?

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