NewBridge Bank return $10 million Zeek victims – Auto Post 80 Blogs Social Sites

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NewBridge Bank Zeek Rewards Scam Alert

NewBridge Bank to return $10 million to Zeek victims

Posted: 19 Mar 2016 06:21 PM PDT

Good news for Zeek Rewards victims, not so good news for banks who think they can get away with providing financial services to Ponzi schemes. As part of the Zeek Receiver’s ongoing efforts to hold accountable service providers and vendors who provided services to Zeek Rewards, a $10 million dollar settlement with NewBridge Bank has been [Continue reading…] Source: NewBridge Bank to return $10 million to Zeek victims

RVG’s account balance went from approximately $1,000 in January 2011 to over $1,000,000 in August 2011.

By March 2012, RVG was NewBridge’s largest depositor, depositing $54 million in March 2012 alone.

on April 17, 2012, two NewBridge executives met with Burks and terminated NewBridge’s relationship with RVG, telling Burks to find another bank for RVG.

However, the Receiver also contends that, at the same time, with knowledge of the fraudulent nature of the ZeekRewards business, NewBridge entered into an agreement with Burks to continue to process RVG’s incoming deposits and outgoing “commission” checks, the lifeblood of the ZeekRewards scheme, until May 15, 2012.

At Burks’ request, NewBridge later extended the agreement and continued to pay “commission” checks drawn on RVG’s NewBridge account through June 2012.

Additionally, NewBridge’s executives agreed to keep NewBridge’s decision to terminate its relationship with RVG confidential to facilitate a quiet move of RVG’s accounts to another bank.

Read the full article and join in the discussion over at BehindMLM.

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