Tuesday, September 11, 2012

Ponzitracker Jordan Maglich Update on Zeek: much bullsh__ being spread

The securities lawyer who covers Ponzi for Forbes.com, Jordan Maglich, who operates his own "Ponzitracker.com" website, has an update about Zeek.

Here's some selected highlights:
Emotions have run high since Zeek’s shutdown, as many lament their losses amid what was such a promising operation that seemingly defied the age-old “if it’s too good to be true..” mantra.  However, a select (and growing) group has taken their dissatisfaction to another level, soliciting the assistance of other victims to fight the “illegal” and “unlawful” actions taken by the SEC.  While their rousing rhetoric is critical of the SEC, recent representations made regarding the SEC's handling of the case may have crossed the line from opinion to misrepresentation.  Indeed, an SEC official briefed on the claims by Ponzitracker explicitly refuted such allegations.
In other words, someone's telling people LIES about the SEC.

But wait, there's more!

These apparent admissions by the SEC quickly spread over the internet, with dozens of websites frequented by the multi-level marketing community accepting the statements as fact and quickly proclaiming that the SEC was close to capitulating.  
The claims seem skeptical for several reasons.  First, it is highly unlikely that these kind of admissions would be made to a potentially adversarial party and/or attorney.  Second,  both Rex Venture Group and Paul Burks have each already entered into a consent judgment agreeing to waive any right of appeal, and, in Burk's case, paying a $4 million civil penalty.  Further, a link to an information page established by the SEC now features prominently on the SEC's homepage, www.sec.gov.  
These suspicions were confirmed today after Ponzitracker spoke with a top SEC official familiar with the case.  After reviewing the allegations, the official, who declined to be named, labeled the statements as "inaccurate" and "false".  Additionally, it would be highly impractical for the SEC to make such moves and statements without allowing the receiver to complete his initial investigation and make appropriate recommendations.
And of course, a bit of mention of Craddock.. and his attempt to shut my Zeek explanations hub down.

Nothing like having been proven right by the Federal government... is there?

So now Craddock has a bigger target... Instead of telling lies about me and my hub and other Zeek critics, he's now telling lies about the Federal government.

And he'll probably hide behind "free speech" when challenged... a right protected by the Federal government... the one he's insulting.

Ain't that just ironic?

Read the full article here:


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