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Investor Files Lawsuit Against ZeekRewards Owner Rex Venture Group LLC

  • If you invested in the high yield investment program between January 1, 1997 and August 24, 2012, you have certain options and you should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Security

Case Name
Rex Venture Group Shareholder Class Action Lawsuit 08/31/2012
Type of Lawsuit
Shareholder Class Action
Class Period Begin
Class Period End
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Summary

Sept. 4, 2012 (Shareholders Foundation) -- Investors filed a lawsuit against Rex Venture Group LLC, who is the owner of the website www.ZeekRewards.com”, and its principal, Paul Burks, over alleged Violations of Federal Securities Laws.
The plaintiff alleges that the owner of the website ZeekRewards.com allegedly ran a $600 million Ponzi scheme. Specifically, the plaintiff says that about 1 million investors invested between January 1, 1997 and August 24, 2012, more than $600 million through the website and over interstate wires to participate in the ZeekRewards program, a self-described “affiliate advertising division” for the companion website, “www.zeekler.com” , through which Defendants operate penny auctions.

The plaintiff says that he relied on explicit representations made by Paul Burks personally that their investments would return “up to 50%” of the company’s daily net profits in the form of daily profit share awards.

However, on August 17, 2012, so the plaintiff, he discovered that ZeekRewards was in fact a massive Ponzi and Pyramid scheme when the Securities and Exchange Commission (“SEC”) filed suit in Rex Venture Group, LLC’s home state of North Carolina.