More than 100 people who profited through the alleged Ponzi scheme, Zeek Rewards, have agreed to settlements with a court-appointed receiver, according to The Lexington Dispatch.
Receiver Kenneth Bell, who has collected more than $300 million for what he estimates as more than 840,000 victims of the program, asked a judge to approve the settlement agreements of 135 profiteers, totaling about $1.82 million, according to a motion filed Friday in U.S. District Court in Charlotte.
The agreed settlement total reflects a 56 percent return on the participating profiteers’ nearly $3.24 million in total winnings, Bell said in his motion.
Bell estimates that about $291.6 million was fraudulently transferred to nearly 77,000 “net winners” from Zeek Rewards’ parent company, Lexington-based Rex Venture Group.
Zeek Rewards was shut down by the federal government in August 2012 for operating an alleged pyramid and Ponzi scheme.
More at: The Lexington Dispatch