Filing period ends for victims in Ponzi scheme


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Submitted: Sat, 09/07/2013 - 2:26am
Updated: Thu, 01/09/2014 - 3:38pm
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HIGH POINT, N.C. (AP) – More than 170,000 victims of the Zeek Rewards pyramid scheme have filed restitution claims, but it’s not clear how much they will get or when they will be paid.

The High Point Enterprise reports (http://bit.ly/15FaAmo) the receiver overseeing the fallout from the scheme provided an update Friday, prompted by the end of the period for victims to submit claims to U.S. District Court for western North Carolina.

Charlotte attorney Kenneth Bell said 173,782 individual claims were filed for more than $550 million. Bell previously said he’s secured more than $300 million in assets from Zeek Rewards.

When the U.S. Securities and Exchange Commission seized the assets of Zeek Rewards and its parent company in August 2012, it termed Zeek Rewards a $600 million Ponzi scheme on the verge of collapse.

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Information from: High Point Enterprise, http://www.hpe.com

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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