A United States District Court judge has approved the funds for the receiver handling the Zeek Rewards Ponzi scheme, according to a Monday filing.
Receiver Kenneth Bell and his firm McGuireWoods were awarded an allowance of $756,188.52 for the first quarter of 2014. The money is for fees and expenses by the receiver and his advisers, according to an order approved by Judge Graham C. Mullen.
Of the money, $151,237.70 will be held back pending further petition to and approval by the court. A total of $39,456.02 will cover recover reimbursement expenses, the order stated.
FTI Consulting also will receive $476,334 ($95,266.80 will be held back pending further petition to and approval by the court). The funds are for services rendered during the compensation period. FTI is the forensic accountant and database consultant utilized by Bell. FTI, Bell and his constituents at McGuire Woods make up the “receiver team.” They’ve been working since mid-August 2012 to recover money connected to Zeek Rewards.
Zeek was headquartered in Lexington under the parent entity of Rex Venture Group LLC. In other requests for funding from the court, Bell has said the investigation of an alleged fraud included about two million affiliates and one million investors throughout the
Author Archive for Successful IBO
Hot Business News Today
Nature’s Sunshine To Enter China Through Joint Venture
by Tina Williams • • 0 Comments
Nature’s Sunshine Products has announced plans to enter China in a joint venture with Shanghai-based Fosun Pharma. The agreement outlines a multi-channel approach that places Nature’s Sunshine products in Fosun Pharma retail locations across the country and markets the company’s Synergy brand through a direct selling model.
Fosun Pharma will acquire a 15 percent stake in Nature’s Sunshine in a deal valued at just over $46 million. As a part of the agreement, Nature’s Sunshine will appoint one Fosun Pharma director to its board. The investment in Nature’s Sunshine will also fund a special $1.50 per share cash dividend to be paid out at closing.
The company expects that Nature’s Sunshine Hong Kong will drive long-term growth and become a top market within five years, says Chairman and CEO Gregory L. Probert.
“We view this joint transaction as both a testament to the strength of our existing business as well as Fosun Pharma’s confidence in our ability to establish a substantial business in China,” Probert said in a statement. “It marks a significant step forward in our transformation to a global organization with multiple brands and distribution channels.”
About Nature’s Sunshine Products
Nature’s Sunshine Products (NASDAQ:NATR), a leading natural health and wellness company, markets and distributes
Hot Business News Today
40 Little Changes to Your MLM Business Blog (For Big Results)
by Ted Nuyten • • 0 Comments
GetResponse, the flagship product of Implix, was launched in 1999 by Internet marketing pioneer and entrepreneur Simon Grabowski.
GetResponse Email Marketing is available internationally in 14 languages and serves a growing base of customers, currently 350,000 strong. Their support team recently published these awesome suggestions:
If you have been blogging for your business for a while without seeing any results, you might be thinking, “blogging just doesn’t work in my industry”, “what’s the point if nobody is reading my blog?”, “maybe I should invest more in paid advertising and try to get leads from other avenues”, “blogging is a waste of my time”, “I don’t know how to blog. I suck at blogging.” Let me tell you that blogging works in almost any industry when done right.
Most business bloggers tend to make silly little mistakes when it comes to writing blog posts and creating content, they also don’t promote enough – or they are overly promotional and then wonder why nobody pays attention.
In this post, I am not going to give you the foundation of blogging for business (check out my 4-part Complete Guide to Successful Business Blogging). This would include things like identifying your ideal reader, clarifying your message and
Hot Business News Today
The World For People Foundation Signs Up To The UN Global Compact
by Ted Nuyten • • 0 Comments
The World for People Foundation (www.worldforpeople.org) has officially joined the United Nations Global Compact (www.unglobalcompact.org), the strategic alliance which is made up of both businesses and non-profit organisations and which embraces a set of core values in the areas of human rights, labour standards, the environment and anti-corruption.
In this way, the businesses and the organisations which lead the process of globalisation can contribute to ensuring that the markets, commerce, technology and finance develop in a way which combines economic and social growth
The World for People Foundation operates through concrete projects, with minimum environmental impact, designed to increase the well-being of disadvantaged communities.
Alfonso Galdi, the president of the Foundation, declared
“The Foundation is proud to have joined this network and to contribute to the spread of the principles of the Global Compact, which is a powerful tool for the promotion of a more inclusive and sustainable model of economic development. This membership of the Global Compact reinforces the principles and values of the World for People Foundation which has as its objective the long term and sustainable increase of people’s living standards.”
For more information please contact the directors Roberto Race on: roberto.race (at) wordforpeople.org or Michael Burgoyne MBE michael.burgoyne worldforpeople.org on
Hot Business News Today
Nicole Dunkley Named As Business For Home Journalist
by Ted Nuyten • • 0 Comments
Business For Home is thrilled to announce that Nicole Dunkley from Toronto, Canada, will be covering a number of Top Direct Selling companies for Business For Home.
As Founder of Leading Ladies in Leadership she shares her fresh take on leadership and personal growth and development.
Her love of writing and desire to share helpful insights is her fuel for creating a strong online presence for Budding, Savvy & Chic Female Entrepreneurs.
Her message is centered on building an unstoppable community of success minded and forward thinking ladies in leadership.
A forum for women in business looking to shatter self-imposed limiting beliefs, push past the status quo and dig deep to grow, stretch, connect and inspire others.
If you seek to learn, expand your vision, enhance your “lady like” entrepreneurial acumen, find laser sharp resources, and an interactive space to connect, then you’ll love her spin on things.
Moreover, were happy to have her covering the hard facts and figures on a number of Top Direct Selling companies for Business For Home.
Welcome Nicole!
Hot Business News Today
MonaVie Announces Retirement of Company Founders, Begins New Chapter
by Ted Nuyten • • 0 Comments
MonaVie today announces the retirement of company Founders Dallin Larsen, Randy Larsen, and Henry Marsh, who, for the past year and a half have been serving on the MonaVie Board of Directors in preparation for the eventual transition to the current leadership team and the proverbial turning of the page to a new chapter in MonaVie’s storied history.
All three Founders remain shareholders of the company—and will forever be the Founders of MonaVie—but will no longer serve on its Board of Directors.
The decision was reached mutually among the Founders in a meeting held yesterday.
Brothers Dallin and Randy, along with close friend and four-time Olympian Henry Marsh founded MonaVie in 2005, and, in the process, helped bring the acai berry out of its Amazonian obscurity and into the spotlight as a major player in the world of superfruits.
“MonaVie—the Premier Acai Blend” was born, and the tagline “Drink It. Feel It. Share It.” succinctly foreshadowed the rapid success the company would have with its flagship line of antioxidant juice beverages.
Over the years of growth that would ensue, the entrepreneurial-minded founders wisely brought on key employees to round out the skills and knowledge needed to run a complex international organization. In
Hot Business News Today
Todd Allen Is Legal Shield’s Newest 250k Ring Earner
by Tina Williams • • 0 Comments
Legal Shield announced a new 250k ring earner. A 250k ring earner is someone who earns an annual income of $250,000-$499,000.
Todd Allen of Madison, MS is a current Silver Executive Director and has achieved as high as the Platinum Executive Director Level. Todd is a recipient of the beautifully hand tailored Platinum World (Zegna) Jacket, a consistent qualifier of the Power 20 and Performance Club programs as well as a recipient of the Production Achievement Award, 1,000 Membership Sales level.
Brooks Werkheiser of Jackson, MS is Todd’s direct upline Platinum Executive Director.
LegalShield is an American corporation that sells legal service products through network marketing in the United States and Canada. The company was originally founded August 8, 1972 as the Sportsman’s Motor Club. In 1976 it was incorporated as Pre-Paid Legal Services, Inc., and made its initial public offering in 1984. Pre-Paid Legal Services, Inc. was acquired by MidOcean Partners in 2011 and changed its name to LegalShield.
LegalShield develops and markets pre-paid legal service plans through a network of more than 50 independent provider law firms across the U.S. and Canada. The Company also markets an identity theft monitoring and restoration services through its partnership with Kroll Inc. The company’s service plans are sold through network marketing. Products are also
Hot Business News Today
Jeunesse Monthly Record Sales Reach $40 Million
by Ted Nuyten • • 0 Comments
Jeunesse Global closed the month of June with a record-breaking $40 million in sales revenue. With over 4,000 new enrollees registering on just the 30th, Jeunesse has reported that a staggering 38,000 new distributors were enrolled in June alone.
Jeunesse’s exponential growth has kept it on track to reach record numbers in sales revenue by the end of 2014.
Earlier in June, Jeunesse founders, Wendy Lewis and Randy Ray, together with Chief Visionary Officer, Scott Lewis, embarked to the Cotai Arena at the Venetian Macau Resort, where the company’s 5th anniversary EXPO will be held.
The arena is one of the largest in the world, and has a seating capacity of 15,000—which the event is expected to fill.
“I’m sitting on stage at this amazing arena and visualizing what’s about to take place September 26th-28th.
Having our Jeunesse distributors from around the world come together as one global family to celebrate our 5th anniversary is going to be a truly memorable occasion.
I get chills just imagining what this epic event is going to do for the thousands of distributors who will be in attendance taking part in the Jeunesse experience.
I firmly believe that EXPO: 5 is going to be a
Hot Business News Today
Amway India Makes Very Little Legal Progress
by Tina Williams • • 0 Comments
Justice Nooty Ramamohana Rao of the Hyderabad High Court on Tuesday granted permission to Amway India Ltd to operate 50 per cent of the amount from its bank accounts in the state.
While admitting a writ petition filed by the company questioning an order of the superintendent of police, Kurnool, directing seizure of all bank accounts of the company, the judge granted the interim relief. The company contended that since the investigation against the company was handed over to the CB-CID, the superintendent of police had no power to issue the proceedings to seize its bank accounts.
CEO Willam S. Pinckney has still not been released from jail. No word on when that might happen.
“The CEO has been booked under the Prize Chits and Money Circulation Schemes (Banning) Act besides charges of cheating as well as extortion under relevant sections of the Indian Penal Code (IPC),” the police officer said.
This is the second time that Pinckney has been taken into custody, after the Kerala police arrested him as well as two Amway directors earlier, for alleged financial irregularities. Condemning the arrest of Pinckney, Ficci said the “uncalled” for action may hit Indo-US business ..
Hot Business News Today
Bonobos Raises $55 Million to Quadruple its Stores
by Successful IBO • • 0 Comments
CEO Andy Dunn said the startup, which began selling men’s pants online, plans to add thirty stores over the next three years.