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Zeekler and Zeek Rewards Reps Allegedly Sought by the Now Notorious Dave Burke

People keep sending me emails and posting comments that the infamous Dave Burke is making some sort of play for the Zeek MLM representatives.

One commenter said, “This creep [Dave Burke] just hosted a webinar that was made to look like an official information seminar for those who got burned when another scheme (Zeek rewards) was shut down by the SEC last week. He and some bimbo then gave a presentation trying to recruit these people, most which lost thousands to the Zeek scam, for his latest magic potion scam. Just proves again that EVERY network marketing program is a scam, and EVERY promoter, like this guy, is a crook.”

Another said, “Unbelievable that Dave and Marie would take advantage of people who were sincerely looking for additional information about Zeek. And he had the nerve to say that Zeekler gives Network Marketing a bad name. It is instead people like David Burke and Maria Bennett who give Network Marketing a bad name. Thank you Dave and Maria for wasting our time on top of everything else. Oh, and they hung up the line before people could ask their questions. Very tricky…”

Yet another said, “This guy is a JOKE. A Vulture who should be kicked out of Visalus. My Zeek team will NEVER look at that opp ever. The PR loss from what he did today is so BIG that the word will get out.”

I was not on the webinar they were all referring to but apparently Burke did not win any friends.

It is my understanding he’s going back at it again with another webinar aimed at Zeek representatives.

For those not familiar with recent developments involving Zeekler, the SEC closed them down.

The Securities and Exchange Commission announced fraud charges and an emergency asset freeze to halt a $600 million Ponzi scheme on the verge of collapse. The emergency action assures that victims can recoup more of their money and potentially avoid devastating losses.

The SEC alleges that online marketer Paul Burks of Lexington, N.C. and his company Rex Venture Group have raised money from more than one million Internet customers nationwide and overseas through the website ZeekRewards.com, which they began in January 2011.

According to the SEC’s complaint filed in federal court in Charlotte, N.C., customers were offered several ways to earn money through the ZeekRewards program, two of which involved purchasing securities in the form of investment contracts. These securities offerings were not registered with the SEC as required under the federal securities laws.

The SEC alleges that investors were collectively promised up to 50 percent of the company’s daily net profits through a profit sharing system in which they accumulate rewards points that they can use for cash payouts. However, the website fraudulently conveyed the false impression that the company was extremely profitable when, in fact, the payouts to investors bore no relation to the company’s net profits. Most of ZeekRewards’ total revenues and the “net profits” paid to investors have been comprised of funds received from new investors in classic Ponzi scheme fashion.

“The obligations to investors drastically exceed the company’s cash on hand, which is why we need to step in quickly, salvage whatever funds remain and ensure an orderly and fair payout to investors,” said Stephen Cohen, an Associate Director in the SEC’s Division of Enforcement. “ZeekRewards misused the power of the Internet and lured investors by making them believe they were getting an opportunity to cash in on the next big thing. In reality, their cash was just going to the earlier investor.”

The SEC’s complaint alleges that the scheme is teetering on collapse with investor funds at risk of dissipation without its emergency enforcement action. Last month, ZeekRewards brought in approximately $162 million while total investor cash payouts were approximately $160 million. If customers continue to increasingly elect to receive cash payouts rather than reinvesting their money to reach higher levels of rewards points, ZeekRewards’ cash outflows would eventually exceed its total revenue.

Burks has agreed to settle the SEC’s charges against him without admitting or denying the allegations, and agreed to cooperate with a court-appointed receiver.

According to the SEC’s complaint, ZeekRewards has paid out nearly $375 million to investors to date and holds approximately $225 million in investor funds in 15 foreign and domestic financial institutions. Those funds will be frozen under the emergency asset freeze granted by the court at the SEC’s request. Meanwhile, Burks has personally siphoned several million dollars of investors’ funds while operating Rex Venture and ZeekRewards, and he distributed at least $1 million to family members. Burks has agreed to relinquish his interest in the company and its assets plus pay a $4 million penalty. Additionally, the court has appointed a receiver to collect, marshal, manage and distribute remaining assets for return to harmed investors.

Zeekler and Zeek Rewards Reps Allegedly Sought by the Now Notorious Dave Burke
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About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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