Two multi-level marketing companies shut down this week, leaving many affiliates in the lurch. So many believed in those companies, worked hard to promote them, and are left with nothing but frustration and pain for their trouble.
Zeek Rewards, Zeekler.com, and Rex Venture Group shut down on Friday by the SEC on charges of the companies running an alleged Ponzi scheme. Chief Executive Officer Paul Burks of Lexington, N.C. agreed to settle without admission of wrongdoing. Court-appointed receiver Attorney Kenneth Bell visited Rex Venture Group’s headquarters on Monday and announced the name of the website that will distribute affiliate funds. ZeekRewardsReceiver.com is not currently active, but will activate soon.
Bidify runs a penny auction site some see as a copy of Zeek Rewards’ program. The company saddened by the events and called the shutdown a dark day in MLM. On the Bidify LLC main site and Facebook page, the company announced the shutdown. On Monday, management announced a revised business plan and elimination of daily leadership bonuses and the re-purchase of sample bids. The move is designed to remove the ‘cancer’ of the business plan. Bidify’s shut down is scheduled for 48 hours.
The move by the SEC on Zeek is more justice than a lot of home business scam victims receive.