September 30th is the proposed date for the first round of payments to victims of the Zeek Rewards Ponzi scheme. The Zeek Rewards Receivership filed a motion on May 28th to authorize these initial distributions, targeting Class 3 claimants.
These initial payments are strictly for Class 3 claims. The Receivership defines these as claims from "Affiliate Investors and subrogees of Affiliate Investors on account of losses based on the investments they made in the ZeekRewards Scheme." Claimants who lost money without disputes over the amount generally fall into this category. The first payments guarantee a minimum payout of 40% of the allowed Class 3 claim amount.
Future recoveries are expected to allow for further distributions. However, the Receiver noted a 100% recovery remains "unlikely." Approximately 150,000 Class 3 Claim Determinations had been issued by the Receivership Team when the motion was filed. This figure comes from about 175,000 total claims submitted, with 25,000 still under review.
Only 500 of the 150,000 Class 3 claims initially faced objections. These have since been resolved or are still under review. Not all 150,000 claims will receive payouts in this initial phase. So far, 83,000 claimants have provided the required Release and OFAC Certification. These allowed claims represent an aggregate sum of approximately $305 million paid into the ZeekRewards Scheme.
Another 67,000 Class 3 Claimants have not yet provided these Releases and OFAC Certifications. They paid approximately $157 million into the scheme. These claims will become "Allowed Claims" once the required Release and OFAC Certification are submitted. The Receivership set August 15th as the "First Interim Distribution Record Date." This marks the final deadline for the 67,000 claimants to submit their documentation. Missing this date means exclusion from the initial round of payouts.
The Receivership proposes September 30th as the date checks will be sent to Class 3 Claimants with approved claims.