(December 5) Legal wrangling intensifies in the ZeekRewards case, the largest Ponzi scheme in U.S. history by the number of victims.
It was closed by the SEC in August. In only eighteen months online entrepreneur (and former singing magician) Paul Burks received $600M from over a million people involved in his penny auction pyramid. In the next few weeks receiver Kenneth Bell will be pursuing Ponzi clawback claims against the roughly 1000 former affiliates who benefitted the most, hoping to extract their gains. Now a few of those former affiliates have filed a motion in U.S. District Court in Western North Carolina asking for an appointed examiner to defend their rights. They contend that receiver Bell is destroying what they still regard as a legitimate business.
(Winston-Salem Journal at www.journalnow.com)
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