There was a significant delay in the sale that occurred due to an appeal by the net-winners to the United States Supreme Court. Recently, the United States Supreme Court denied the request of the net-winners to have their appeal heard. As such, the sale was permitted to move forward. On December 17, , pursuant to that Order, the sale of these judgments closed pursuant to the terms of the approved purchase agreement as amended. Pursuant to that sale, all rights, title, and interest in the judgments against these net-winners has been transferred from the Receivership Estate to Nationwide Judgment Recovery, Inc.
Because the judgment against these net winners was transferred to Nationwide, neither McGuireWoods LLP nor I are able to address any inquiries, settle or otherwise undertake any collections regarding the judgments sold. Any inquiries regarding any of these sold judgments should be directed to Nationwide and not to me or the Receivership team. Nationwide is located at Katella Avenue, Stanton, California Their telephone number is They can be located online at www.
Their email address is zeek nationwidejudgmentrecovery. All communications regarding any of the sold judgments must be to Nationwide. The Receivership team is no longer able to assist you.
There are still approximately U. Net Winners for whom we do not yet have a final judgment amount determined. These pending judgments were not included in the sale, and the Receivership team is working to finalize those remaining judgments in the coming months. We anticipate selling those judgments in a similar fashion.
Since beginning my term as Successor Receiver, I have continued the analysis of how to best monetize the judgements we have obtained to-date in the Net-Winner Class Action. The options were to either 1 sell these judgments in a lump sum to obtain funds to pay to the victims of the Zeek Scheme; or 2 seek to collect the judgments and make a final distribution after such collection efforts have ceased.
After discussions with counsel at numerous debt collection law firms and an external process to seek potential purchasers of the judgments, I ultimately determined that it would be in the best interests of the Receivership Estate and the victims of the ZeekRewards Scheme to sell the judgments. This moves us one step closer to a final distribution to claimants once the remaining litigation matters have concluded. The process of selecting a potential purchaser of the judgments occurred over several months.
After receiving multiple smaller offers, we received an increased offer from Big Sky Research Bureau, Inc. I believe that the sale of the judgments to Big Sky is in the best interests of the Receivership Estate. The agreement does, however, allow other potential purchasers to make higher offers, subject to a right of first refusal by Big Sky. I will consider any additional offers to purchase the Judgments I receive before the Court enters an Order on the Motion to approve the sale of judgments.
In addition, I have requested that the Court allow a day period to pass before entering an Order on the Motion so that interested parties, if any, have a meaningful opportunity to make a higher offer. If anyone wishes to make a higher offer to purchase the Judgments, they may contact Shawn Fox at sfox mcguirewoods. The relevant filings are available in the Case Documents section of this website, and also at the following links:.
Motion to Approve the Sale of Judgments. Notice of Motion to Approve Sale of Judgments. Bell as a United States District Judge. I would like to congratulate Judge Bell on his confirmation and thank him for his tireless dedication to maximizing the recovery for the victims of the ZeekRewards scheme. Now that the confirmation has occurred, I have begun my term as the Successor Receiver.
I have worked as a close advisor to Judge Bell since the beginning of the ZeekRewards Receivership, and I intend to see this Receivership through to its end.
There are two main areas of litigation we need to complete before making a final distribution to claimants. First, we must resolve the disputes with net winners who have challenged the dollar value of the judgments against them.
This will involve filing a motion for summary judgment, and potentially litigating some claims in hearings before the Special Master appointed in this matter. Like the previous Receiver, I have considered the possibility of making another partial, interim distribution to claimants prior to the resolution of the litigation, and I have reached the same conclusion that the substantial costs of making such a distribution would reduce the amount ultimately paid out to claimants.
While we hope to be able to file the Final Distribution Plan and make a final distribution before this date, it will depend on the timing of the litigation that I have discussed.
We thank you for your continued patience. The decision of the Court of Appeals means that all judgments of liability against the defendant class members are now final. Based on this decision, I will now move forward to pursue collection of the Judgments or their sale to a third party. This leaves only approximately net winners against whom the Receivership has not yet sought but intends to seek a final Judgment.
That effort will proceed this summer, and all net winners who initially challenged the amount of their net winnings in the process for determining the amount of net winnings are encouraged to communicate with the Receivership at NetWinningsResponse zeeknetwinnerclass. This favorable ruling moves us one step closer to a final distribution to claimants.
Those claims must be completed before a final distribution occurs. While I have considered making another partial, interim distribution to claimants prior to the resolution of those claims, the costs of making such a distribution are substantial, and it has been my judgment so far that the costs of making additional distributions prior to the final distribution, which will reduce the amount ultimately paid out to claimants, outweigh the benefits of another small partial distribution.
We appreciate the continued patience of the claimants and will of course continue to work to complete the Receivership as soon as possible. I want to give you a status update concerning the Receivership, including our plans for future distributions to affiliate claimants holding allowed claims and pursuing additional assets. We hold funds sufficient to make another small interim, partial distribution. Cayer for their initial appearance on the charges filed by Bill of Information on December 20, Both defendants were released on bond which includes supervision by a U.
Probation Officer while on release. The Defendant was sworn and advised of rights and charges. The defendant entered a plea of guilty to Count 1, investment fraud conspiracy, as charged in the Bill of Information. The defendant entered a plea of guilty to Count 1, investment fraud conspiracy, and Count 2, tax fraud conspiracy, as charged in the Bill of Information.
Dawn Wright Olivares is charged with one count of investment fraud conspiracy in violation of Title 18, United States Code, Section and with one count of tax fraud conspiracy in violation of Title 18, United States Code, Section Daniel Olivares is charged with one count of investment fraud conspiracy in violation of Title 18, United States Code, Section District Judge Max Cogburn, Jr.
Dan Olivares was sentenced to 24 months in prison followed by three years of supervised release. The final restitution amount owed by the defendants will be determined at a later date.
If it is determined that you are a victim, we will make our best efforts to ensure that you are provided the rights described above. This means the Zeek Rewards case is now officially closed. Oct 8th, at am Oz Q. Oct 8th, at pm Okosh Q. Oct 8th, at pm Oz Q. Oct 9th, at am Okosh Q. Oct 11th, at pm gopherking Q. In the complaint, it said that Zeek was selling securities and was an investment scheme. Based on their the SEC new knowledge of the Zeek Rewards business model, they are having a hard time moving forward in making their case.
And they are now looking for a path or way to back out of this. These apparent admissions by the SEC quickly spread over the internet, with dozens of websites frequented by the multi-level marketing community accepting the statements as fact and quickly proclaiming that the SEC was close to capitulating. The claims seem skeptical for several reasons. These suspicions were confirmed today after Ponzitracker spoke with a top SEC official familiar with the case.
Additionally, it would be highly impractical for the SEC to make such moves and statements without allowing the receiver to complete his initial investigation and make appropriate recommendations. Disclaimer: The information and materials on this blog are provided only for general informational purposes.
No attorney-client relationship is formed nor should any such relationship be implied. By using this website or subscribing to our Zeek e-mail alerts, you acknowledge that your receipt and use of such information does not create an attorney-client relationship.
While victims may mean well, it is likely that neither suit will yield any benefits. Among these, Mr. Additionally, the Western District of North Carolina was designated as the exclusive forum for any claims brought against Zeek or Burks. Besides giving Mr. Bell the sole authority to bring claims on behalf of the receivership entities, Paragraphs 32 — 34 of the Order also specifically stayed any litigation involving the Receiver, Receivership Property, the Receivership Entities, or previous employees.
Courts in which those actions are filed must defer to the exclusive jurisdiction of the Western District of North Carolina before proceeding.
The Receiver also brought this up during his conference call with various members of the media today. I was fortunate enough to be permitted to listen. While stating that he had not been provided with any copies of the filed lawsuits, Mr.
Bell alluded to the court-imposed litigation stay, opining that the stay likely encompassed those actions. During the conference call today, Mr. Bell was clear that he intended to recover every possible source of funds for eventual return to victims, and the existence of competing litigation for these funds is not likely to sit well with both Mr.
Bell and the federal judge presiding over the case. The goal of a receivership is to treat similarly-situated victims alike, and allowing some investors to recoup a larger part of their total investment than others is contrary to this vision. However, I feel it will not yield any meaningful benefits that you are not already entitled to receive. In short, investors are urged to have patience as Mr. Bell completes his initial investigation. A court is very unlikely to allow outside litigation to proceed that has the professed goal of enriching some investors to the detriment of others.
In the meantime, if you have not done so already, please subscribe to receive our email updates. By using this website or subscribing to our Zeek e-mail alerts, you acknowledge that your receipt and use of such information does not create an … [Read More Zeek Recovery. The Proposed Claims Process In the Motion, the Receiver estimates that while approximately 1 million affiliates paid money into Zeek, over , suffered losses, and the remainder were fortunate enough not only to recoup their principal investment but may also have profited.
Claims Process One of the most popular topics was the establishment of a claims process in which investors could eventually be permitted to receive distributions based on their loss amounts.
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