BREAKING NEWS: Zeek Rewards/Zeekler has been shutdown, but Zeek members MAY be able to get some or all of their investments back

BREAKING NEWS:  Zeek Rewards/Zeekler has been shutdown, but Zeek members MAY be able to get some or all of their investments back

Zeek Rewards/Zeekler Update #3 – 8/17/2012:

The SEC Says, the obligations to investors drastically exceed the company’s cash on hand, which is why we need to step in quickly, salvage whatever funds remain and ensure an orderly and fair payout to investors,” said Stephen Cohen, an Associate Director in the SEC’s Division of Enforcement. “ZeekRewards misused the power of the Internet and lured investors by making them believe they were getting an opportunity to cash in on the next big thing. In reality, their cash was just going to the earlier investor.”

The SEC’s complaint alleges that the scheme is teetering on collapse with investor funds at risk of dissipation without its emergency enforcement action. Last month, ZeekRewards brought in approximately $162 million while total investor cash payouts were approximately $160 million. If customers continue to increasingly elect to receive cash payouts rather than reinvesting their money to reach higher levels of rewards points, ZeekRewards’ cash outflows would eventually exceed its total revenue.

Zeek Rewards holds approximately $225 million in investor funds in 15 foreign and domestic financial institutions. Those funds will be frozen under the emergency asset freeze granted by the court at the SEC’s request. Meanwhile, Burks has personally siphoned several million dollars of investors’ funds while operating Rex Venture and ZeekRewards, and he distributed at least $1 million to family members. Burks has agreed to relinquish his interest in the company and its assets plus pay a $4 million penalty.

CAN I GET ANY MONEY BACK?
Additionally, the court has appointed a receiver to collect, marshal, manage and distribute remaining assets for return to harmed investors.  Ur Editors Note: generally in deals like this is if you put money in and did not collect commissions to offset the amount you put in you MAY get some back.  Sometimes it is a small amount because there is not enough money to go around and the pay back amount by the administrator is reduced.  This is not a fast process AS SOON AS THE ADMINISTRATOR IS ANNOUNCED AND OPEN FOR CLAIMS THE WATCHDOG WILL GET THE NEWS OUT FOR YOU TO APPLY.

CLICK HERE SEC NEWS RELEASE ZEEK SHUTDOWN $600 MILLION PONZI

God bless you all!

Adrian and Jocelyn Frank

CEO/Owners of Adrian Frank Consulting

Cell: 206-261-7348

eMail:  adrianfrank@gmail.com, jocelyntranfrank@gmail.com

 

WATCH this FREE Video.  FIND your way to making $1000 PER DAY (I'm not kidding).  DISCOVER the WEIRD marketing tricks of the Empower Network HERE !

BREAKING NEWS - Update #3 - 8/17/2012:

ZEEK WEBSITE DOWN SO YOU CAN DOUBLE CHECK!
http://zeekrewards.com/
Zeek Rewards is currently unavailable. More information will be available shortly on this website.

Aug 16 2012 - The North Carolina Attorney General’s Consumer Protection Division has done something to cause the website to be shut down because of their investigation.  The AG had started a Civil Investigative Demand, that rarely doesn't shut a company down.   Normally the AG will get a Temporary Restraing Order (TRO) to to lock doors and shut down commerce.   No court action on the AG's website so we don't know if the shut doors & missing URL was on part of the AG's office or voluntary on Zeek's part. Zeek has not sent out any email information.  Ed. Note: Stand by!  Link to N.C. AG news release page.

>>>>For more information, and for more answers - feel free to email me at:  adrianfrank@gmail.com

UPDATE #2 - 8/11/2012:    Hey everyone, here is a 2nd updated posting from http://www.mlmwatchdog.com/MLM_Watch_list.html  from Rod Cook of the DRA (Distributor Rights Association) about Zeek Rewards/Zeekler (things are really heating up for Zeek Rewards/Zeekler):

NORTH CAROLINA AG VIOLATES MLM WATCHDOG RULE - THAT AG’S DON’T TAKE ANY ACTION UNTIL THEY HAVE 20 VALID WRITTEN COMPLAINTS!

Aug 11 2012 - The North Carolina Attorney General’s Consumer Protection Division got 8 complaints about Zeek. Now the Depart Of Justice (DOJ) Division has asked the company (Zeek) to provide them with documents so the DOJ can examine Zeek’s business practices. This is not good, it also violates the MLM WatchDog's standing advice NO AG does anything unless they have 20 or more complaints in file (in other words; they're jumping on this fast)!Your Watchdog Editor predicted this hassle. Last March in Las Vegas I had lunch with Zeek lawyers, a Zeek Consultant (who has now turned on Zeek) and Zeek Corporate Officers. During the lunch (that I paid for) they asked me for advice. Very quickly and quietly I told them to physically move the whole Company to Las Vegas and the Zeek Corporation to Nevada.They looked at me in shock and asked, WHY! I told them at the Attorney General of North Carolina had “no good sense of humor.” It would make good sense to move to a more friendly territory. The next day I had coffee with the Zeek Corporate folks. As we were standing there I asked in my normally brash manner, when is Zeek moving? The reply quickly came back from the Zeek corporate “suits” that Zeek could not move because of their family roots and business connections in North Carolina. It would not be feasible to move! Without thinking I shot back, “hard to move electrons across the country, huh, and walked away. Since then I have figured out they had the wrong consultant! Right?

For those of you that like to call me and complain about Zeek here is the link to the North Carolina AG Complaint form. It is a chore to fill out and you need all documentation and dates. It is not a chore for the weak of heart.

Link to North Carolina Attorney General Complaint form that is a real bitch to fill out! 

>>>>>Everyone go to MLMwatchdog.com and thank Rod Cook for watching out for us like this! He’s probably the world's foremost authority on MLM scams and probably the world's most well-known and well-educated MLM consultant.

Those who know anything about MLM heed Rod Cook’s warnings.

UPDATE, 5/28/2012:
Hey everyone, here is an updated posting from http://www.mlmwatchdog.com/MLM_Watch_list.html from Rod Cook of the DRA (Distributor Rights Association) about Zeek Rewards/Zeekler:

ZEEK SHORT FUSE = DEAD CHECKS

29 May 2012 - ANNOUNCEMENT -  Zeek/Zeek Rewards is currently in the process of moving to a bank that can handle our growing needs and while in transition will be closing our old accounts with both New Bridge Bank and BB & T,” (both FDIC Insured) Zeek said on its news Blog. “Please be sure to deposit or cash any commission checks immediately so they clear before June 1st, 2012 or they will be returned to you with ‘account closed’ and will need to be reissued.”  No reason was given and a new bank was not named yet.

Zeek international  uses AlertPay (now Payza) and SolidTrustPay for transactions outside the U.S. Both AlertPay and SolidTrustPay are watched by FEDS (and Interpol)  for being friendly  to  scams such as HYIPs, autosurfs and cycler matrices.

>>>>>Everyone go to MLMwatchdog.com and thank Rod Cook  watching out for us like this!  He's probably the foremost authority on MLM scams and probably the most well-known and well-versed MLM consultant in the entire world.

Those who know anything about MLM heed Rod Cook's warnings.

Heed Rod Cook's warnings.  Period.

This has been an update on this blog post.  Here is the original blog post:

Below is a letter I wrote to a friend of mine who is in Zeek Rewards/Zeekler, and I thought I would share this with all of you because you can go ahead and cash out of Zeek Rewards while you can and get the most money out as you can before it gets shut down or they stop cashing people out.  Read below why.

For privacy's sake, I'm using the name Susie which isn't my friend's name.

 

"Dear Susie,

 

This isn't easy because I know you and your family are doing really well and taking in a bunch of extra income (or promised income) in Zeekler/Zeek Rewards, but I feel you should know this stuff if you're thinking or planning on Zeek Rewards being there long term.  I've been doing a ton of digging and research about Zeek Rewards because I've heard nothing but red flags (except from you folks) about Zeekler/Zeek Rewards and the research I've done thus far only serve to confirm these red flags.

 First of all, I was talking about Zeek Rewards after the phone conversation I had with you, Susie, with a friend of mine, Phil Correia who has 52% of the entire distributorship in his downline in Xyngular.  He said there's no question in his mind that it's a Ponzi scheme and he told me that when the government (probably an Attorney General trying to make a name for himself or the Federal Trade Commission so he can run for governor in whatever state Zeekler has a business nexus in).

 

Secondly, below is some copy and pasted info from www.MLMWatchDog.com , but before you read that please read some reasons why MLM WatchDog is such an authoritative source (in case you haven't heard of Rod Cook/Distributor Rights Association/MLM WatchDog before).  Here is a chat between another friend of mine I had on Facebook today who has over 25 years in the MLM industry:

George:   Rod Cook at MLM Watch dog is 98% right...I mean chances are pretty good that if Rod Cook says it's a scam, it's really a scam. Other sites not so much. But Rod, yes.

Rod believes in MLM. he isn't some guy trying to bash someone for no reason

Adrian:  yes I agree

George:   He's also already rich, so he's not out there trying to make his first dollar like the rest of the scam sites

Adrian:  well, he's not saying outright that Zeekler IS a scam, but he's got them on the watchlist

George:  Well, then he hasn't said they are for sure a scam then. He's pretty careful about calling something a scam.

>>>I already mentioned to you, Susie, about MLMwatchdog.com the other day on the phone, but here's exactly what Rod Cook posts about Zeekler on MLMWatchdog.com:

WATCH LIST OF SHAKY TO FLAKY COMPANIES = DANGER

ZEEK REWARDS UPDATE

Feb 4th 2012 ZEEK REWARDS has hired not one but two MLM law firms to pull them back from what was a sure meeting with the law!  They also hired a complan builder to work on building a system that does not look like gambling.  One of the major activities they are taking for protection is DISTRIBUTOR COMPLIANCE so that Distributors do not describe the Zeek opportunity as a ponzi scheme like they have been?  I wonder how they get all those ponzi claim videos off of http://www.youtube.com to get them to safe harbors?  Here is one Zeek pitch the audio has been removed from so the compliance does have a trickle down effect opens > new window  http://www.youtube.com/watch?v=sa9D5O71Q6M

others we can't be so sure because they go to blind web site which means Zeek Police (as Zeek Distributors are calling them) this opens new window!>  http://www.youtube.com/watch?v=8xtMDxBf8Zo&feature=related

I am leaving ZEEK on the Watch list so we can see how their compliance battles work.  I think we will see Distributors terminated over this (always bad) to protect the company.

ZEEK REWARDS I AM GETTING A LOT OF QUESTIONS

Jan 25 th 2012 ZEEK REWARDS is the MLM arm for a penny auction named Zeekler.  Penny auctions are addictive like gambling.  Their compliance is bad with distributors making some wild claims like "mega money no recruiting or selling.    The buying of points or credits for the auction and their use is questionable.  The owner Paul Burks ran Free Store Club and an Internet mail program New Net Mail in years past both generated some complaints.   The biggest problem I see is that they are in North Carolina who has no good sense of humor about any MLM. 

>>>Pay special attention to the phrase "North Carolina has no good 'sense of humor' about any MLM".  This confirms what I already knew about North Carolina.  I don't know why ANY MLM would want to start an MLM in NC.  I can't believe Zeekler is based there.  This is a huge mistake by Paul Burks, Zeekler's CEO.

The Attorney General/FTC in North Carolina shuts down pretty much EVERY MLM that is birthed in NC, let alone an MLM that so many people, including many MLM industry leaders, are crying out "Ponzi scheme".  I don't think that, over the past 20 years or so, that North Carolina has produced ANY MLM that doesn't get shut down by the AG and/or the FTC.  Yeah, the NC government is notorious for this.

As soon as this hits 60 minutes or 20/20 (or possibly long before that as more and more people like Rod Cook cry "Ponzi") because of these distributor compliance battles and North Carolina threatening to shut Zeek Rewards down, there is going to be a mad dash and run by the masses on their accounts.  Everyone and their dog in Zeek Rewards are going to be trying to cash out of their accounts, and, if the AG and/or the FTC hasn't already frozen Zeek Reward's merchant account by then.

What I'm reading so many MLM industry leaders saying (there is a plethora of reviews sites on the Internet saying the same thing), and what concerns me the most for you is that, even if NC doesn't shut it down (this is highly unlikely), Zeek Rewards will not have the cash to cover the tens of thousands and possibly hundreds of thousands of Zeek reps whom have reinvested over and over again and have accounts that are $50,000 and higher.  There just won't be enough cash to do it.

Anyways, the bottom line is that I'm seeing nothing but disturbing things about Zeek Rewards and I would recommend you cash out and get your enormous accounts paid out TODAY (if it's not already too late/if they will pay it), and always, always, always check www.MLMWatchdog.com  before joining and/or actively build any MLM.  This will save yourself a lot of hardship, frustration, time and money.

Thanks,

Adrian"

God bless you all!

Adrian and Jocelyn Frank

CEO/Owners of Adrian Frank Consulting

Cell: 206-261-7348

eMail:  adrianfrank@gmail.com, jocelyntranfrank@gmail.com

 

WATCH this FREE Video.  FIND your way to making $1000 PER DAY (I'm not kidding).  DISCOVER the WEIRD marketing tricks of the Empower Network HERE !