SEC Shuts Down Zeek Rewards – $600 Million Online Pyramid and Ponzi Scheme
Late July 2012…
I was called by a ‘really good friend’ who wanted me to join ZeekRewards.com (Zeek) as a way to make ‘easy money’ and that they had calculated a compound formula that would double my money every so many days…
I said it sounded like a “Ponzi Scheme” (where they incoming money pays for the ‘commissions’)
I was told that it was legal and OK and not to focus on the Penny Auction (the product that ZeekRewards was advertising)
As part of my normal review of ANY new opportunity I did some simple initial research (MLM Watchdog) and found a wealth of information that said steer clear!
I told my friend (emailed them immediately) but they sought to continue with Zeek based upon their built-in greed meter. (They were desperate to earn fast money)
01 Aug 2012
This went onto the ZeekRewards.com Website
”This is to Inform you all that since we have to stop the Business for few Legal Issues in NC, We have paid the Fines and Penalties and We are shutting down Business for a few days and shifting our Main Office to Europe, since the Law is different there so we can resume our business from there, just keep Patience We’ll come back in the Business, Meanwhile we are launching another company (to keep your Passive Income) under Rex Venture Inc. You’ll be updated About it later Keep sharing the Blog we need your Help keep your Down lines Calm.”
17 Aug 2012
Washington, D.C., Aug. 17, 2012 – The Securities and Exchange Commission today announced fraud charges and an emergency asset freeze to halt a $600 million Ponzi scheme on the verge of collapse. The emergency action assures that victims can recoup more of their money and potentially avoid devastating losses.
The SEC alleges that online marketer Paul Burks of Lexington, N.C. and his company Rex Venture Group have raised money from more than one million Internet customers nationwide and overseas through the website ZeekRewards.com, which they began in January 2011.
My Take On It All…
Before you join ANY so-called business opportunity, direct marketing, affiliate program or MLM…
- Do your due diligence!
- If it seems too good to be true then it probably is.
- If there is no real product that would otherwise sell at retail the run away!
- Review websites like ScamWatch (AU) Snopes and USA.gov and MLM Watchdog
- Pass it through my Seven Pillars of Business filter. If any pillar fails then leave it be and warn others.
Real Business Takes Real Effort
Contact me if you want to learn about a real business opportunity and to get started right away.