The federal government called Zeek Rewards a $600 million dollar Pyramid and Ponzi scheme on the day it shut down the website. Zeek Rewards promised to get people rich, in part, though investments in a penny auction website. However, the government said the site is illegal.
The company was based in Lexington, but people all over the world invested in it. A court-appointed receiver is trying to help as many people as possible get at least some of their money back.
Monday afternoon, Receiver Ken Bell answered questions through an online video web chat. Bell said his firm has recovered about $300 million. However, he said he does not know when he will be able to start returning money to people who invested in the organization. In addition, Bell said he did not know how much money each individual investor will receive.
Bell stressed his team is working every day to sort through the databases and files created by Zeek Rewards. He mentioned several times that records were kept in a disorganized and incomplete manner, which, he says, has made his job tougher.
Bell said he has received thousands of emails, but cannot reply to all of them. He asked for patience and understanding as the process unfolds.
To see the latest developments about what's happening with Zeek Rewards, visit the receiver's website. The entire video chat will be posted on the website.
WFMY News 2