FOR IMMEDIATE RELEASE “ZEEK REWARDS” PONZI SCHEME WILL BREAK NEW GROUND IN CLAWBACK LITIGATION The collapse of the online Ponzi scheme called “Zeek Rewards” this past August threatens to break new ground in the area of Ponzi clawback litigation. With an estimated 800,000 victims identified, another 100,000 former affiliates are being targeted by the receiver…
Continue reading ›(December 5) Legal wrangling intensifies in the ZeekRewards case, the largest Ponzi scheme in U.S. history by the number of victims. It was closed by the SEC in August. In only eighteen months online entrepreneur (and former singing magician) Paul Burks received $600M from over a million people involved in his penny auction pyramid. In…
Continue reading ›Forbes Magazine recently reported that many of the so called “net winners” in the ZeekRewards (“Zeek”) Ponzi Scheme will almost certainly be targeted for “clawback” lawsuits seeking the return on their profits. Our firm represents good faith investors who have been sued by trustees and receivers in clawback actions. Our senior attorney at Banks Law,…
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