Menu
Business

ZeekRewards shut down by Feds

THE Securities and Exchange Commission ("SEC") filed an emergency action in a North Carolina federal court, alleging that ZeekRewards and its founder, Paul R. Burks, were involved in one of the largest Ponzi schemes in history. 

The move came as many began to question the legality of the operation and whether its promised 1.5% daily returns were simply 'too good to be true.' 

These fears were confirmed on Friday, with the unavailability of Zeek's website and the closure of its Lexington, N.C. headquarters serving as an ominous precipitation of the SEC's announcement Friday evening that it had halted the scheme as it teetered on the "verge of collapse". 

The sheer number of victims, which authorities estimate tops 1 million, likely earns Zeek the infamous distinction as the largest Ponzi scheme in history by the number of investors, and will add a layer of complexity never seen before in trying to unravel the scheme and distribute funds to investors. 

For sake of comparison, the number of investors in Bernard Madoff's $65 billion Ponzi scheme, the largest in history by investor losses, was "only" in the thousands.

Read more at Forbes

Topics:  fraud scam sea


Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

Heroic rescue saves life

CLOSE CALL: Leslie Cruthers and Buddha at the spot the playful pup fell into the Nogoa River.

Kayakers rush to save dog walker clinging to riverbank.

Fight fire and give back

FIGHT FIRE: The Rural Fire Service is a great way to learn valuable skills, be part of a team and give back to the community.

Joining the Rural Fire Service a great way to help your community.

Education needed to prevent drownings

WATER SAFETY: Director and swim teacher at Moura Memorial Pool Sarah Morris is a passionate advocate for water safety.

Sarah Morris is passionate about children learning water safety.

Local Partners