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Regulators liken penny auction site to Ponzi scheme

By Rebecca J. Williamson

November 16, 2012 (San Diego's East County) -- What has 3,493 “likes” on one participant’s Facebook page that may turn into “hates” and lawsuits?

The answer?   ZEEK REWARDS --- an online penny auction house that is under investigation by the U.S. Securities and Exchange Commission for financial fraud.  See http://www.ftc.gov/bcp/edu/pubs/consumer/alerts/alt041.shtm  and  http://www.sec.gov/news/press/2012/2012-160.htm.

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