The lawyer managing refunds for investors caught in a huge Ponzi scheme says he'll ask a court this month for permission to start paying refunds, perhaps by mid-summer.
The Dispatch of Lexington reports (http://bit.ly/1iYGjDu ) court-appointed attorney Kenneth Bell is updating victims of the ZeekRewards pyramid scheme.
Bell says his firm is reviewing about 175,000 claims from people who want to reclaim money lost in the scam. Nearly all will be decided by the end of the month.
The U.S. Securities and Exchange Commission seized the assets of ZeekRewards and its parent company in August 2012, calling it a $600 million Ponzi scheme on the verge of collapse. As many as 2 million people may have invested in ZeekRewards.com, an online company that promised big returns on a small investment.
Copyright 2016 by The Associated Press. All Rights Reserved.
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or email@example.com.