Zeek Rewards Shut Down
If you were inside Zeek Rewards and thought you found a way to build an income and a lifestyle you have my sympathies. While I was not involved with the company personally I knew many and knew of many more who had an affiliation with Zeek.
Unfortunately, things did not work out for the company and on Friday August 17, 2012 Zeek Rewards was shut down by the securities exchange commission or SEC for allegedly operating a $600 million Ponzi scheme.
It’s sad when things like this happen, it’s sad for the founders, the affiliates (those making money and of course those who lost money). When these type of challenges hit home business it can be hard for companies who walk clearly inside what we know to be legal inside network marketing.
Unfortunately Zeek Rewards was so unique that it was unclear if they were inside or outside the letter of the law. One thing is clear, we all should be somewhat concerned as scrutiny from Zeek Rewards will impact our entire profession.
That being said, I think it’s important that we have a basic understanding of what happened with Zeek Rewards and why the company was shut down. Many may say it was because they were operating a penny auction. I don’t believe that, I actually think that the fundamental concept of a penny auction is brilliant. When you understand how penny auctions work I’m sure you will too.
Instead of getting into all the details of why Zeek Rewards is facing their challenges and why they faced so much scrutiny while they were open check out the video below – were I lay it all out as I see it. (Below the video I’ll include the reference materials I speak about on the vid.) Be blessed!
***Let's be realistic... With what happened with Zeek Rewards penny auctions will continue to face scrutiny - until a leader emerges that is 100% compliant. Those that made money in Zeek Rewards realize they could have made more if they withdraw more along the way. Those who lost money will most likely never put large upfront money into this type of business again (I hope not anyway).
In studying and following the penny auction model for some time I only know of one company that solves both of those problems and because they are still in pre-lauch my guess is that they will learn from what happened to Zeek and focus even more on compliance when they open for business.
To ready my review CLICK HERE remember just because it's free to join doesn't mean not to do any research - I highly recommend you read the review closely and do whatever research you feel is necessary before you join***