So that MLM scheme Zeek rewards crashed and burned over the weekend?

[Dzali OG]

Duke I knew been trying to get me into this shyt bout 9 months. No lie the nikka shot me a txt on Thursday and I said I'll do another search and maybe join on Friday.

So I put in the google of zeekrewards pyramid and got to this forum where the cac's were pulling the company apart. They were even talking to the owner of zeek asking him how the company was sustainable. He was dodging shyt left and right. They asked him what actual product was he pushing .

Man and dud was telling me how moms was making 3k a week, him 600 hunnid, sista 300 hunnid...shyt was sounding mad .

Get to work Monday and this nikka I work with told me he lost 600 in the business because it just folded.

I wonna call the nikka trying to recruit me like

 

[L&HH]

I heard about that shyt last week. They do penny auctions right?

On August 17, 2012, the U.S. Securities and Exchange Commission (SEC) filed a federal case against defendants Paul Burks and Zeek Rewards, based out of North Carolina. Paul Burks ran the entity of Zeek Rewards, a fraudulent investment opportunity that promised investors returns as high as 1.5% per day by sharing in the profits of Zeekler, a penny auction. Investors were encouraged to recruit new members to increase their returns. New investors had to pay a monthly "subscription" of up to $99/month and an initial investment of up to $10,000. The higher the initial investment, the higher the returns appeared. The Zeekler entity was an online penny auction that served as a front for the Zeek Rewards entity. Investors in the Zeek Rewards scheme were promised payouts from the profits made on Zeekler by recruiting new members and giving out "bids" that customers would use on the penny auction. While the Zeekler website did bring in revenue, it was only about 1% of what investors believed was being brought into the Zeek Rewards company. The vast majority of dispersed funds were paid out from newly recruited investors. It is believed that the ponzi scheme was a $600M enterprise and the number of affected investors was 1 million when the SEC filed suit. This made Zeek Rewards the largest ponzi scheme in history by number of affected investors, even though numerous other ponzi schemes have had larger enterprise values. Paul Burks paid $4M to the SEC and agreed to cooperate. It remains unknown how much, if any, of the funds lost in the scheme will be returned to affected investors, as of August 2012.

 

[Dzali OG]

I heard about that shyt last week. They do penny auctions right?

Yep...

I think the main shyt that had them peoples mad and was that they offered a 1.5% return daily on your "investment".

 

[L&HH]

Yep...

I think the main shyt that had them peoples mad and was that they offered a 1.5% return daily on your "investment".

yea that shyt is wild. I think the whole penny auction thing is a good idea and if they would have just stayed legit doing that them they still could have made money.

 

[Two Stacks]

dumb ass people still falling for MLMs

 

[Nick Barnes]

dumb ass people still falling for MLMs

for real, i dont know how people think that shyt is legit.

 

[Jesus Shuttlesworth]

I don't understand how MLMs get anybody to sign up at this point in the game.

"This is different from any other company."

It's all the same shyt. Swap products and names, doesn't matter. ALL the money is made through memberships. I like talking to those cats though because I break em down with questions. Gotta let em know you're not interested though or they'll keep bothering you.

 

[re'up]

LOL a guy I know, tried to push this on a few friends of ours recently. Classic.

 

[Vagina Thief]

My cousin invested 2 g's into this bullshyt. dumb ass nikka
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[TruStyle]

People falling for shyt like this deserve it. Theres no excuse for it anymore.

Too many dumb fukks, just waiting for someone to sell them dreams.

 

[Tom]