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Ken Bell, the court-appointed receiver for Zeek Rewards, participated in a conference call today with various members of the media in an effort to provide an update since Zeek’s unraveling ten days ago.  In a conversation that included prepared remarks and a question-and-answer session, Mr. Bell addressed the status of his investigation, as well as a look into his priorities for the near future.

(Photo credit: Wikipedia)

Mr. Bell started the conference by opining that the number of potential victims was likely more than previously expected, and estimated that there could be nearly 2 million affected.  Since his appointment, Mr. Bell has received 1000′s of investor phone calls and emails, many providing heart-breaking stories about their current situation.  He also disclosed that the $600 million thought to be lost is also likely to be revised upwards as the investigation continues.  The number of victims likely made the scheme “one of the largest schemes to go into receivership,” according to Mr. Bell.   “Terabytes” of financial information were also recovered from Zeek’s offices, which must be analyzed in order to determine investor losses.

Mr. Bell also addressed the issues faced by many who had been in the process of investing with Zeek by way of cashiers’ checks when the scheme unraveled.  Citing the court’s order to recover all assets, Mr. Bell indicated that all cashiers checks in his possession would be considered assets of ZeekRewards and would be deposited and added to the pool of funds currently being amassed for victims.

As to Paul Burks, Mr. Bell indicated that he had met with Burks when the scheme was first uncovered, and had since been in contact with Burks’ attorney.  Regarding the “source” of the $4 million fine paid by Burks to the SEC, Mr. Bell was not sure, but indicated that he intended to recover any “proceeds” from the scheme in Burks’ possession.

In moving forward, Mr. Bell stressed that his job was to locate and lock down all assets both in Zeek’s possession and from “anyone who ought not to have it”.  When asked if he was alluding to the possibility of “clawback” litigationagainst investors who withdrew more than their initial investment, Mr. Bell stuck to his message that he would pursue “every dollar” from those in wrongful possession of the funds.  More details will likely emerge in Mr. Bell’s report to the court following his initial investigation.

Mr. Bell was also asked to address the recent news that some investors had filed class-action lawsuits against Zeek and Burks.  While Mr. Bell indicated that he had not been provided with copies of the lawsuits, he did give his opinion that, under the order appointing him as receiver, any and all litigation brought against Zeek or its subsidiaries would be stayed and prevented from moving forward.  Ultimately, he said, the court would have to provide guidance.

In the near future, Mr. Bell hoped to be able to communicate with investors through updates to the website, and urged victims to monitor the site, which is located at www.zeekrewardsreceivership.com.  Saying that it was “too early to think about a distribution process,” Bell encouraged investors to review their records showing proof of any deposits or withdrawals, and that an official proof of claim form would eventually be posted to the website.

Jordan Maglich is an attorney at Wiand Guerra King P.L. in Tampa, Florida whose practice includes white-collar crime and securities and financial litigation.  He also covers Ponzi schemes on his blog, PonziTracker.  Follow him at @PonziTracker.

Forras: http://www.forbes.com/sites/jordanmaglich/2012/08/27/zeek-receiver-holds-press-conference-with-media-up-to-two-million-victims-herculean-effort-ahead/