$39.1 million returned to Zhunrize Ponzi victims

Last we checked in the Zhunrize Receiver had sought approval for 2858 victim claim payouts, coming in at $41 million.

Zhunrize affiliates had initially filed for $99 million in losses, however $58 million in claims were deemed bogus.

On March 10th the Receiver’s request was granted, paving the way for victim claim distribution.

Victim checks were sent out early in the second quarter of 2017, with 94% of checks sent out cleared.

That represents 2638 of the 2812 claim checks sent out, or in dollar terms $39.1 million out of $41.4 million in allowed claims.

In an attempt to have the remaining checks clear, the Receiver continued to reach out to affiliate victims.

During the Second Quarter, the Receiver’s team sent 450 emails to victims.

Of the 55 victims that did not have valid email addresses, the
Receiver’s team has received updates for 33 addresses.

The remaining 22 incomplete addresses account for $376,247 of the approved claim amounts.

The checks for the distribution matured after 90 days or after July 2, 2017.

The Receivership will reissue returned and lost checks in August 2017.

This will allow any checks in the system to have cleared and allow the Receivership to cancel/place a stop payment on any check that has not cleared.

As it stands the Receivership is sitting on $4.9 million as of June 30th.

Once the outstanding check issue has been sorted, I believe the Zhunrize Receivership will wind down.

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