The Zeek Rewards Receiver’s contempt motion against VictoriaBank has been denied.
The news comes via an October 1st order, issued following a motion hearing on the same date.
Detailed reasoning for the order isn’t provided.
For the reasons stated in open court, IT IS THEREFORE ORDERED that the Receiver’s Motion and Renewed Motion are DENIED as to Victoriabank.
The February 12, 2016 Freeze Order shall remain in effect for 30 days to allow the Receiver an opportunity to appeal should he wish to do so.
The Receiver’s
dispute with VictoriaBank
dates back to 2016. At issue is ~$13 million dollars, which VictoriaBank processed for Payza, who in turn processed for Zeek Rewards.
The Receiver wants the funds back to distribute to victims of the scheme. VictoriaBank wants to keep the funds because… profit.
For their part Payza has already
relinquished their interest in the $13 million
to the Receiver.
I’m unclear on whether this October 1st decision means VictoriaBank gets to keep the money, or whether the contempt motion is a side-issue.
Pending clarification from the Receiver (hopefully over the next thirty days), stay tuned…
Update 17th October 2019 –
The Receiver has filed an appeal against the October 1st decision on October 7th.
Pending the outcome of the appeal, VictoriaBank won’t get to keep stolen Zeek investor funds just yet.
Update 18th February 2021 –
The Zeek Receiver’s second appeal has been denied, meaning Roman Balanko
gets to keep
the disputed $13.7 million.
🤖 Quick Answer
What was the outcome of the Zeek Rewards Receiver's contempt motion against VictoriaBank?The contempt motion was denied by court order on October 1st. The February 2016 Freeze Order remains in effect for 30 days, allowing the Receiver opportunity to appeal if desired. The dispute concerns approximately $13 million processed through VictoriaBank for Payza and Zeek Rewards.
What is the core dispute between the Receiver and VictoriaBank?
The disagreement centers on approximately $13 million in funds processed by VictoriaBank for Payza, which subsequently processed for Zeek Rewards. The Receiver seeks recovery for victim distribution, while VictoriaBank opposes relinquishing the funds.
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