According to the Wall Street Journal, the Securities and Exchange Commission has shut down Zeek Rewards, calling it a $600 million Ponzi and Pyramid Scheme.
Zeek CEO and President, Paul Burks has apparently agreed to pay a $4 million penalty and relinquish his interest in the company.
The court as appointed a receiver to manage the remaining assets and distribute them back to investors.
The company apparently holds $225 million in investor funds in 15 foreign banks.
Those funds will be frozen.
I have written about companies like Zeek at least a dozen times here on MLMBlog since we launched in 2003 and while there will be many associates attempting to paint this site as “negative”, the reality is you can stick a fork in Zeek Rewards, they are done folks.
See previous article about Zeek Rewards Shut Down.
Ty is an Internet Marketer, Blogger and Social Marketing Entrepreneur
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