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-   -   SEC Shuts Down $600 Million Online Pyramid and Ponzi Scheme (https://www.wahm.com/forum/network-marketing-49/657022-sec-shuts-down-%24600-million-online-pyramid-ponzi-scheme.html)

Amy Jacobs 08-18-2012 07:27 PM

wasn't this fairly new as well though?

crisstar 08-18-2012 07:43 PM

Quote:

Originally Posted by DebraFerrie (Post 3010185)
...when it sounds too good to be true.......

sometimes it is.
Stick with soild MLM.... this was not MLM right? was penny auctions?

I agree, it just didn't "smell right. I wouldn't say this was mlm at all...penny auctions is not a true mlm.

Zeek may have had a compensation plan that paid out on multiple levels in which there are programs out there that do this but these programs are not real network marketing companies.

Jeannie Zavala 08-19-2012 12:54 AM

Quote:

Originally Posted by TLayne

I am so thankful that I have a plan B, C, D, E and F!!

I am with you!! I love my company and would not leave it because I've worked so hard to build but I also do have multiple streams of income just in case....

I truly do feel for them and hope the reps do recover...

Amy Jacobs 08-19-2012 10:25 AM

Quote:

Originally Posted by DebraFerrie (Post 3010185)
...when it sounds too good to be true.......

sometimes it is.
Stick with soild MLM.... this was not MLM right? was penny auctions?

Yea I am with you Debra! I will stick with 1 solid company period :) I thought it was more just auctions..

glitters 08-20-2012 01:49 AM

what happens to affiliates?
 
I read that a receiver has being assigned to give out some money to those affected
does anyone have any idea of how this works?
I live in Spain and most of my downlines are young couples that just used
up their savings,do you think they will get something back, no matter how small?

TLayne 08-20-2012 05:16 AM

Quote:

Originally Posted by glitters (Post 3011075)
I read that a receiver has being assigned to give out some money to those affected
does anyone have any idea of how this works?
I live in Spain and most of my downlines are young couples that just used
up their savings,do you think they will get something back, no matter how small?

Chances are they will see very little (if anything at all) and it could take a year or more before it's all settled.

I'm not sure how the actual disbursement of funds will work but If you divide the funds available by the number of affiliates, it only comes out to a couple dollars each.

alt2872 08-20-2012 07:14 AM

Here is some information on Zeek found it interesting. I to lost some money with Zeek, I am glad it was very little and that I did not promote this site to family and friends. Reading about this has just sickened me. Paul Burks and is Co-scammers were true masters of their domain preying on others to line their own pockets....


ZeekRewards shut down by SEC as $600 Million Ponzi Scheme, What happens now and what should you do?

http://www.sec.gov/litigation/compla...pr2012-160.pdf

kailo 08-20-2012 08:57 AM

Glad I was withdrawing a big chunk since February! When I was able to create hundreds of bogus customer accounts to give free bids too, big red flags went up! Never had to give free bids to real customers NOR did we ever had to use up the bids. People were just piling up thousands and thousands of bids in their own account.

starbirdy66 08-20-2012 09:08 AM

Just because their system didn't catch you, was this an ethical thing to do? Could a program like this fail due to such unethical behavior? just seems greedy and wrong.

Quote:

Originally Posted by kailo (Post 3011258)
Glad I was withdrawing a big chunk since February! When I was able to create hundreds of bogus customer accounts to give free bids too, big red flags went up! Never had to give free bids to real customers NOR did we ever had to use up the bids. People were just piling up thousands and thousands of bids in their own account.


starbirdy66 08-20-2012 09:22 AM

Great information on the criminal activities.

Quote:

Originally Posted by alt2872 (Post 3011177)
Here is some information on Zeek found it interesting. I to lost some money with Zeek, I am glad it was very little and that I did not promote this site to family and friends. Reading about this has just sickened me. Paul Burks and is Co-scammers were true masters of their domain preying on others to line their own pockets....


ZeekRewards shut down by SEC as $600 Million Ponzi Scheme, What happens now and what should you do?

http://www.sec.gov/litigation/compla...pr2012-160.pdf



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