Monday, August 26, 2013

Zeek Winners May NOT Be Able to Dodge Receiver Lawsuit By Filing Bankruptcy

As the deadline to filing Zeek Rewards Ponzi scheme claims draws to a close (you need to file before September 5th, 2013!)  the day of reckoning is getting closer for the net winners to cough up their "winnings" (it's not their money!) to avoid getting SUED by the receiver.

Thus far, it seems that vast majority of the winners believing they are untouchable, possibly on the advice of some "Zeek advocates", who, to this date, still maintained that Zeek is a real business, Burks is not a crook, and SEC stopped a good thing ("there was no victims until SEC stepped in") who we have covered before on this very blog, many of them either worked for Zeek, lied about Zeek ("we have evidence that will exonerate Zeek"), liked about SEC ("we heard that SEC doesn't really have a case"), and tried to silence its critics through the use of bogus takedown notices.

There's no doubt that many have adopted a wait and see attitude, as they believe they can always go for the ultimate endgame: bankruptcy. It seems at least one coupon in New Mexico have taken that route, albeit, not for Zeek, but a different Ponzi scheme. However, it's not that simple...

Jordan "Ponzitracker" Maglich brought us this little tale of a New Mexican couple declaring bankruptcy to dodge a clawback lawsuit. The wife apparently worked for the Ponzi schemer, and is a participant, and apparently received preferential payment before the whole thing ran out of money. So the bankruptcy trustee gathered all the transaction records and sued the people who got paid for the money paid out. This couple is getting sued for almost a million bucks, but they're just 1 of the 175 cases brought upon by the trustee, who sued both the couple's "business" (which received 300K+ from the Ponzi biz), as well as them individually. The business already lost its 300K lawsuit, while the other case against them individually is still pending, and the couple just declared that they'll file Chapter 7 bankruptcy to get away from the "sinister clawback litigation".

While this couple *may* be able to get away from losses with a bankruptcy, this is not a done deal, as there are substantial "means test" that need to be applied and accepted before any debts are discharged. Technically, a lawsuit to recover funds is not a debt... yet.

There's no doubt that many Zeek "winners" are contemplating bankruptcy to "keep" their winnings, to declare bankruptcy you have to pretty much laid bare your entire financial history to scrutiny, and it becomes a matter of public record. What will that do to your reputation?

And don't bother trying to HIDE the money by transfering them to your relatives, friends, or just plain hide it. It won't work. Financial foresic analysts will find them, then you'll be charged with contempt of court AND your bankruptcy thrown out.
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1 comment:

  1. i wish those kind of action by law could apply in my country, so many ponzy scheme using forex as a mask with so many victim.. and many of the criminal just walk away