What is a Zeek Rewards refund?


Quick Answer

ZeekRewards settlement refunds are distributed to individuals who invested money in the now defunct ZeekRewards program. The U.S. Securities and Exchange Commission lodged a formal complaint against ZeekRewards, and the program is now in receivership.

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Full Answer

The receiver is responsible for paying monetary refunds to individuals based on rising-tide financial calculations, which awards refund recipients 40 percent of their investments. The rising-tide method for distributing refunds is the best way to return money to numerous people who were defrauded. As of 2014, the receivership has issued more than 90,000 refund checks to ZeekRewards investors, and the combined refund amount totals over $100 million. The program owes the average investor $100 or more.

The goal of the court appointed receiver for ZeekRewards is to recover, manage and distribute program assets to victims of its Ponzi scheme. The receiver is also seeking restitution from net winners who earned over $1,000 in profits from the scheme. Individuals who sent cashier's checks to ZeekRewards cannot cancel the checks, even uncashed checks. Filing a declaration of loss is also unwise, since the check is not really lost, but in the possession of the receivership. The receiver can bring legal action against any claimant attempting to recover monetary damages using this method.

Certified checks are similar to cashier's checks, but individuals can stop payment on personal checks sent to ZeekRewards.

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