ZeekRewards shut down by Feds

THE Securities and Exchange Commission ("SEC") filed an emergency action in a North Carolina federal court, alleging that ZeekRewards and its founder, Paul R. Burks, were involved in one of the largest Ponzi schemes in history. 

The move came as many began to question the legality of the operation and whether its promised 1.5% daily returns were simply 'too good to be true.' 

These fears were confirmed on Friday, with the unavailability of Zeek's website and the closure of its Lexington, N.C. headquarters serving as an ominous precipitation of the SEC's announcement Friday evening that it had halted the scheme as it teetered on the "verge of collapse". 

The sheer number of victims, which authorities estimate tops 1 million, likely earns Zeek the infamous distinction as the largest Ponzi scheme in history by the number of investors, and will add a layer of complexity never seen before in trying to unravel the scheme and distribute funds to investors. 

For sake of comparison, the number of investors in Bernard Madoff's $65 billion Ponzi scheme, the largest in history by investor losses, was "only" in the thousands.

Read more at Forbes



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