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|Team Mitchell left to right: Myriam Valdez, Legislative Aide, Senator Holly Mitchell (D-Los Angeles), Tim Shelley, Rules Committee Consultant, John Skoglund, Legislative Aide, and Rodney Wilson, Senior Legislative Advocate, California and Nevada Credit Union Leagues.|
|By Tom Wolfe, Managing Partner of Moore Brewer Wolfe Jones Tyler & North|
In what turned out to be a $600 million Ponzi scheme, Rex Venture Group, LLC, doing business as ZeekRewards.com, was shut down by the U.S. Securities and Exchange Commission, and its more than 1 million customers were left scrambling to recoup their investments.
In recent weeks, court-appointed receivers began issuing demand letters to financial institutions seeking payment on cashier’s checks wrongfully rejected when first presented as a result of "stop payments."
Although the law hasn’t changed, we revisit the issues involved so credit unions can gain a better understanding of the factors surrounding this story and why they are important to know.