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Zeekrewards - Zeekrewards.com
bpc1234
post Aug 3 2014, 01:30 AM
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"Rage Against The Machine" talk aside.

On the micro level.
Zeek crushed people. Huge % of member knew zero about money games/hyip.
Freinds/family still not speaking to those who brought them in, etc

Looking good for at least 50% back at some point.
Two years later... but you could deduct a % of Zeek losses from your taxes so most will be @even.


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Lynndel
post Aug 3 2014, 02:46 AM
Post #10352


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QUOTE (spudface @ Aug 3 2014, 01:51 AM) *
While I understand you’d like to be educated and it would do you good to have your over bearing sense of superiority taken down a peg or two I’d rather feed my nuts through a mangle than spend another minute being exposed to your brow beating holier than thou attitude, tedious lecturing and nauseating blue text so no, I won’t be using my valuable time conversing with you on a regular basis.

No offence intended of course.


None taken. I also apologize as I misread your post.

What may shock you is that I agree that not enough was done in the banking crisis. I think the heads of Freddie and Fannie, Barney Frank, Chris Dodd, the CEO of Country Wide and the CEO's of many of the major banks should have been charged. The passage of the CRA act under Clinton was the culprit allowing all of this to happen. I am just thrilled to see the banks being fined for their role in the crisis. It is better than nothing, and it is a start. Hopefully criminal charges will be filed.

I mistook your post for another person harping that I should spend my time going after the bankers instead of the crooks who run Ponzi's. That somehow the Ponzi crooks are petty crooks and should be left alone as they don't do that much harm. If people had to answer my phone they would learn just how much harm these Ponzi's really do. I don't consider $3 Trillion + Dollars stolen worldwide in 2013 petty crime. When Zeek, Profitable Sunrise and TelexFree stole a combined total of at least $2.5 Billion Dollars, maybe more; I don't consider that to be petty crime either. Yet many people posting here seem to think these crooks should get a free pass. If my exposing these Ponzi's and the lies of the crooks who run them and promote them is perceived to be a holier than thou attitude, then so be it. What they are doing is wrong, and Eagle is going to do all it can to shut them down.

I am also tired of the hypocrisy of those who feign concern and anguish over how much the receiver is paid instead of it going to the victims, but not a word of concern when the Ponzi crooks are stealing the members money because they are being paid from this stolen money.

Want Eagle to go after the bankers? Then get me $25 Million Dollars and I'll hire a boatload of CFE's and we'll take it on. In the meantime we will stick to our dual mission in warning and educating people about these Ponzi's and helping law enforcement shut them down.



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Lynndel
post Aug 6 2014, 11:14 PM
Post #10353


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Kenneth Bell, receiver for Rex Ventures Group, has filed an Amended Complaint in his Malpractive lawsuit against Zeek compliance attorney, Kevin Grimes. In the amended complaint, Kenneth Bell said:

"By virtue of his knowledge of RVG and ZeekRewards and his legal expertise, Grimes knew or should have known that RVG was perpetrating an unlawful scheme which involved a pyramid scheme, an unregistered investment contract and/or a Ponzi scheme. Despite this knowledge, Grimes actively encouraged investors to participate in the scheme by creating a so-called “compliance” program through his captive entity, MLM Compliance VT, LLC (“MLM Compliance”), which provided a false façade of legality and legitimacy and knowingly allowed his name to be used to promote the scheme. Grimes’ improper and negligent actions, which breached his fiduciary duties to RVG and assisted RVG’s Insiders to breach their fiduciary duties, caused significant damage to RVG. As described in detail below, Grimes and his firms are liable to RVG both for those damages and the profits they made from RVG. In addition, Grimes and MLM Compliance are liable to repay to the Receiver the more than $840,000 they received from RVG for the bogus compliance course."

Mr. Bell also said that the final payment from Zeek operator Rex Venture Group]to Grimes and MLM Compliance was, upon information and belief, a check rushed to and endorsed by Kevin D. Grimes for $342,510, which posted on August 13, 2012, less than a week prior to ZeekRewards’ shutdown.”


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President/Founder Eagle Research Associates; www.eagleresearchassociates.org; Author: Robbing You With A Keyboard Instead Of A Gun - Cyber Crime How They Do It (available in soft cover and eBook at Amazon.com)
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alucard
post Aug 9 2014, 06:36 AM
Post #10354


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Good afternoon. Who have already filed a lawsuit in zeek?
I received a letter:


"A review of our records indicates that the Receiver from the ZeekRewards Receivership previously sent you a claim determination letter. However, you do not currently hold an allowed claim because you have not yet logged into the ZeekRewards Receivership Claim Portal to complete the claim allowance process by accepting your claim determination and providing the required Release and OFAC Certification. To do so, please log into the ZeekRewards Receivership Claim Portal by following this link: https://cert.gardencitygroup.com/zrwdet/fs/home. You must provide the Release and OFAC Certification by August 15, 2014, in order to be eligible to receive a distribution on September 30, 2014, the first date on which the interim distribution will be made.

Additionally, the Receivership is generally required by the laws of the United States to withhold taxes from any distributions it makes to US claimants and foreign nationals, regardless of whether the distribution represents a return of amounts you lost. Providing the tax information requested on the ZeekRewards Receivership Claim Portal (an IRS Form W-9 or an IRS Form W-8) will help ensure that we can provide you the maximum distribution possible.

For US domestic claimants, unless you complete an IRS Form W-9 through the Claim Portal, we will likely be required to withhold 28% from your initial distribution. Generally, payments to a foreign national are subject to a flat 30% tax withholding rate on any distribution. This rate, however, may be reduced or eliminated if you are entitled to a lower rate pursuant to an income tax treaty between your country and the United States. The IRS Form W-8 is necessary to determine the amount of withholdings necessary for a foreign national.

If you have questions regarding how to complete the tax forms requested on the Claims Portal, please refer to the following IRS publications: for United States entities, http://www.irs.gov/uac/Form-W-9,-Request-f...-Certification; for non-United States entities: http://www.irs.gov/uac/Form-W-8BEN,-Certif...Tax-Withholding. The Receivership cannot provide advice regarding how an Affiliate should complete the tax form(s) applicable to that Affiliate.

Before you log off of the Claims Portal (https://cert.gardencitygroup.com/zrwdet/fs/home), please make sure that you have:

1. Accepted your Claim Determination
2. Submitted the Release
3. Submitted the OFAC Certification
4. For US claimants, completed IRS Form W-9
5. For Non-US claimants, completed IRS Form W-8"


Tell me what is "Electronic Signature of Claimant", where to get it. Where to fill the remaining items, I'm not a resident of the United States?
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Lynndel
post Aug 9 2014, 12:26 PM
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alucard: Your electronic signature is when you are filling in the claim form, or any other form for that matter, online and you type your name on the signature line. Your typed name becomes your "signature." As for your other questions, you really need to ask them of the Receiver. They will have someone to help you. All the best.

This post has been edited by Lynndel: Aug 9 2014, 12:27 PM


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alucard
post Aug 11 2014, 03:42 AM
Post #10356


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QUOTE (Lynndel @ Aug 9 2014, 11:26 PM) *
alucard: Your electronic signature is when you are filling in the claim form, or any other form for that matter, online and you type your name on the signature line. Your typed name becomes your "signature." As for your other questions, you really need to ask them of the Receiver. They will have someone to help you. All the best.

Thank you very much. Signature made​​, the rest will find out. All the best.
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Lynndel
post Aug 15 2014, 09:54 PM
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Receiver Kenneth D. Bell sought the authority “to file one or more actions in this Court and in foreign courts to pursue claims for the return of fraudulently transferred money and disgorgement of net funds received against significant ‘net winners’ who reside outside the United States. The foreign ‘net winners’ to be pursued all won at least $1000, the threshold previously approved by this Court.”

Senior U.S. District Judge Graham C. Mullen of the Western District of North Carolina authorized the receiver today to pursue the international clawback claims.


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CharityMan
post Aug 18 2014, 10:38 PM
Post #10358


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See PatrickPretty.com Aug 15 article, copying the comments of Gary, quite interesting.



I have a growing incertitude about the effectiveness of this clawback lawsuit against individuals.

According to the receiver’s periodical reports, as of June 30th ’14, the receiver made settlements & collected approximately $2.5 million, of which detail breakdown by period are as follows;
- 1Q ’13, $36,000.00
- 2Q ’13, $558,054.50
- 3Q ’13, $843,342.84
- 4Q ’13 $687,702.94
- 1Q ’14, $183,740.46
- 2Q ’14, $183,508.86

Mr Bell filed lawsuits to US netwinners on Feb 28th ’14, so only part of the 1Q ’14 settlement was done after the filing though, even the whole settlements in the 1 & 2Q accounts only 0.1% out of over $300 million the receiver is said to pursue in this litigation.
People may argue that it’s still early stage in the litigation, but what worries me is a trend of the settlements.
Where can we see positive effect of litigation?
In truth the surrender of netwinners decreased after the filing. So, it looks most of the netwinners are not bothered by being sued, which implies the receiver will face a lot of resistance when the suits go into enforcement stage.
Having said, the collection may not be smooth but more costly & lengthy than Mr Bell originally expected, so I’m not sure the efficiency of class action is still valid.

Now, Mr Bell is moving into the international clawback.
Unlike US, Ponzi clawback lawsuits does not seem to be popular at all even in many advanced European countries that usually recognize US court judgements, because I can’t find indeed single news of its kind via Google search, I tried to find relevant articles specifically in UK, France, Germany, Spain & Italy etc though only ultra big cases such as Madoff http://www.law360.com/articles/528855/uk-c...s-clawback-suit and Stanford targeting big financial institutions etc. comes out, then the rest goes to US cases, if I had googled in local language, I could have found some though (I searched only in English).

Anyhow, surprisingly, the Supreme Court in Netherland where Hague Convention (HCCH) was concluded made very difficult judgements for Ponzi clawback – especially “unjust enrichment claim to net-winners” and burden of proof – see the article; http://www.internationallawoffice.com/news...427&redir=1

The receiver’s quarterly report explained that they have been in cooperation with multiple overseas law firms. I presume the contract with them must be hourly based rather than contingency based, therfore the foreign law firms may not refuse this business opportunity but rather show positive prospect even though they are sceptical about the results.

I focused the difficulty of collection if the receiver pursues individuals in; http://patrickpretty.com/2013/12/12/urgent.../#comment-72615 and somehow blindly count on the recognition of foreign courts’ judgements, but now the judgements become question mark even in advanced nations.

The receiver disbursed a bit over $14 million as of June 30 ’14, which is not big considering the total $850 million case because it accounts only 1.6% for 2 years but obviously the cost related with the clawback litigation will become significant among his future fee & expenses and so far only $2.5 million was recovered from the clawback and there are a lot of uncertainties down the road.

Hope my concern expressed here http://patrickpretty.com/2014/05/08/zeek-r.../#comment-89934 will not be realized.

Gary
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CharityMan
post Aug 18 2014, 10:40 PM
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The link to PatrickPretty.com Aug 15 article http://patrickpretty.com/2014/08/15/urgent...tional-winners/
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Lynndel
post Aug 19 2014, 12:08 PM
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I only have one issue with Gary's comments, and it is that there have been no payments made to the victims of Zeek. The first round of payments will go out on September 30. It is too early to determine just how successful the Receiver will be in the clawback actions against the 9,000+ winners from the US, and of course how successful he will be against the foreign winners.


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President/Founder Eagle Research Associates; www.eagleresearchassociates.org; Author: Robbing You With A Keyboard Instead Of A Gun - Cyber Crime How They Do It (available in soft cover and eBook at Amazon.com)
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CharityMan
post Aug 20 2014, 07:19 AM
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Lynn made below comments in http://patrickpretty.com/2014/08/15/urgent...tional-winners/



Gary:

Not sure where you got the Receiver had disbursed a bit over $14 Million as of June 30, since the first round of payments to the victims won’t go out until September 30.

Considering the number of winners who did settle with the Receiver versus the 9,000+ that are scheduled to have a class action lawsuit against them (I believe the Receiver is gibing them one last chance to settle before filing the lawsuit) for not settling.

We also don’t know how much the winners who did settle actually received and what percentage of that amount was agreed to by the Receiver to settle his claim against them. We only now that the bar was anyone who received more than $1,000 were pursued by the Receiver in the clawback litigation.

It is way too early to judge how effective he will be with the 9,000+, as well as the foreign winners. You also have to consider that he has Paul, Dawn and her step-son forking over $600 Million. Not a small chunk of change.

I understand your concern, and in the end you might be proven right, but my bet is on the Receiver to get a whole lot more than past Receiver’s have obtained in their clawback actions.
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CharityMan
post Aug 20 2014, 07:22 AM
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Gary answered in http://patrickpretty.com/2014/08/15/urgent...tional-winners/ as below;


Lynn,

I suggest you make double- check all the available numbers.
I found both clawback collection & disbursement $ in Exhibit B of each Quarterly report published in the receiver’s site case document page http://www.zeekrewardsreceivership.com/case .

“We also don’t know how much the winners who did settle actually received “
- see the item named Settlement from Affiliate-investors in eaxh Exhibit B.

“Not sure where you got the Receiver had disbursed a bit over $14 Million as of June 30 “
- the disbursement here refers to the total fee and expense of the Receiver & His Teams & Other Professionals, the breakdown by each Q is as follows;
Receiver’s Fee & Expense
- 4Q ’12, $1,703,379
- 1Q ’13, $1,728,987
- 2Q ’13, $2,203,782
- 3Q ’13, $2,647,879
- 4Q ’13 $2,283,055
- 1Q ’14, $1,641,545
- 2Q ’14, $1,862,306 as of June ’13 total $14,070,933 was spent

Let me know if my readings of the above numbers are wrong.

“I understand your concern, and in the end you might be proven right, but my bet is on the Receiver to get a whole lot more than past Receiver’s have obtained in their clawback actions.“
- The receiver is distributing 40% recovery next month, I agree with you that it’s outstanding % compared with many other Ponzi cases, but if I’m not mistaken the majority of the recovery so far came from the seizure of liquid assets such as cash & securities Zeek luckily had not spent yet but still kept in banks, payment processors, & brokers etc. You may agree that this is the easiest part of the recovery. If the receiver pursues clawback of PROFITS mainly from key Big Financial Institutions, then I don’t see so much problems, but targeting individuals doesn’t look worth doing based on the empirical analysis I used to comment in http://patrickpretty.com/2013/12/12/urgent.../#comment-72615 and the actual Zeek receiver’s progress up until the end June 2014.
- The only optimistic aspect is the size, pursuing over $300 million may justify the cost & uncertainties of these litigations although it is yet much smaller than a few ultra big cases like Madoff & Stanford which went international.

Time will tell.

Gary
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Lynndel
post Aug 26 2014, 08:49 PM
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Claimants are able to check the status of their claim by accessing the following Status Check Link https://cert.gardencitygroup.com/zrwdet/fs/home. The Status Check Link allows you to log in to a webpage using the Registration ID and Password you selected when you registered on the Claims Portal.


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President/Founder Eagle Research Associates; www.eagleresearchassociates.org; Author: Robbing You With A Keyboard Instead Of A Gun - Cyber Crime How They Do It (available in soft cover and eBook at Amazon.com)
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