Tagged: Ponzi scheme

In the least surprising bit of news that I’ve seen today, Zeek Rewards has been shut down by the Securities and Exchange Commission (SEC) due to allegations of running a Ponzi scheme. According to the SEC, this was a $600 million scheme by a company with about a million users worldwide. In a press release issued late Friday afternoon, the SEC called the company a $600 million Ponzi scheme on the verge of collapse, alleging that company revenues were soon to dip below its cash payouts to its customers and that the company’s chief executive officer, Paul Burks, siphoned off...