Vodaware Hit With $2.8 Million Lawsuit From Zhunrize Receiver

Zhunrize Receivership ReviewLately, this business opportunity has been getting a lot of hype on the internet.

People are hyping Zhunrize Receiver all over the place, including a lot of social media.

Has someone already pitched Zhunrize Receiver to you?

The first thing I want to tell you is that I am NOT promoting this business in any way.

I have complied all the facts about it in my Zhunrize Receiver Review so you can discover the truth for yourself!

Have you hear that Zhunrize Receiver is a scam?

That Zhunrize Receiver can’t deliver on it’s promises?

I will tell you all about it in my Review of Zhunrize Receiver.

Let’s get started.

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Exactly what is Zhunrize Receiver?

If you’ve been following Zhunrize Receiver for some time, you’re probably at least a little familiar with the clawback lawsuit that the company is flinging against Vodaware.

Zhunrize Receiver is an opportunity that was shut down in 2014 by the SEC for being a $100 million Ponzi scheme, and with this happening, Zhunrize sated that it –

“retained employees from Vodaware, the company that created Zhunrize’s website, to assist in pulling electronic data for use in the claims analysis.

The Receiver, his accountants, and his counsel worked with Vodaware, Zhunrize’s service provider, to recover victim investment data and reconcile the data to other third party victim
data, such as Zhunrize bank statements, and data obtained from Zhunrize’s commission payment records.”

Likely because of Vodaware’s cooperation with the company, nearly $3 million was transferred to Vodaware as a result of all this activity.

Following this, August 18 of 2017 saw Zhunrize Receiver filing a clawback lawsuit against Vodaware in which it demanded that the company return $2.8 million worth of Ponzi funds that had been stolen.

Defendants in this case include Vodaware, Inc.m Vodaplex, Inc., Vodaplex, LLC, Wilhelm Berger, Jeffery Told Spencer, and Sophia Pan.

Todd Spencer is often credited as being the Co-Founder and Vice President of Zhunrize, and about a year after the company was officially shut down by the SEC, Spencer tried his hand at launching a nutrition-focused MLM opportunity called Encore3.

Zhunrize Receivership scam

Encore3 really didn’t go anywhere, and it appears to have since collapsed due to a lack of business activity.

However, on May 25, 2017, Todd Spencer and Encore 3 MLM USA LLC were faced with a lawsuit from a previous employee claiming that Spencer and the company had breached the Fair Labor Standards Act.

Going back to Vodaware, this business was first incorporated back in 2011 in Georgia. Will Berger is acting as both the CFO and CEO, and based on what I’m seeing, Vodaware was decided to be used as a sort of companion company to that of Vodaplex.

However, once Vodaware was actually incorporated, Vodaplex then went on to exist as nothing more than a shell company.

“Vodaware was formed as part of a restructuring of Vodaplex.

The restructuring transferred the software platform and IT assets of Vodaplex to Vodaware.

Mr. Berger was responsible for Vodaware, while Mr. Spencer maintained responsibility for the remainder of Vodaplex, which operated as a shell to manage sales and third-party relationships.”

Jen Pan was a Vodaplex employee before launching Zhunrize, and a claim with the lawsuit says that Pan was “one of Vodaplex’s largest produces.”

More specifically, it reads that –

“As Vodaplex’s growth began to sag, Mr. Pan approached Mr. Spencer and proposed to put a company together using the Vodaplex/Vodaware technology.

Zhunrize was incorporated in Georgia in July 12, 2012 for this purpose.

Mr. Pan was the CEO and CFO of Zhunrize.

Mr. Spencer, Mr. Berger and Mr. Pan, and others collaborated to construct Zhunrize’s business plan.

Over time, Vodaplex personnel moved over to Zhunrize. Zhunrize (also) sub-leased or used Vodaplex’s office space.”

Additionally, while it operated under the sole name of Zhunrize, activities by Pan, Spencer, an d Berger actually seem to span across three companies –

“There was substantial overlap of the insiders of Vodaware and the insiders of Zhunrize.

Vodaware insiders include Mr. Spencer, Mr. Berger, and Ms. Pan, who also had positions of control and/or influence over Zhunrize and, in the case of Sophie Pan, was also Jeff Pan’s wife.

Additionally, Mr. Spencer was the Chief Operating Officer of Zhunrize.”

After the SEC shut down Zhunrize, Vodaware claims that “in June 2014, Zhunrize and Vodaware entered into an oral agreement for Zhunrize to make monthly payments of $250,000 to Vodaware “to keep the lights on.”

Also, while Zhunrize did transfer the $2.4 million to Vodaware, the company claims that the money that was being exchanged wasn’t of an equal value –

“The money used to pay Defendants and/or to relieve the personal liability of the individual Defendants purportedly under the various agreements described was paid without sufficient consideration, and Zhunrize did not receive reasonably equivalent value in exchange for the payments.

The payments to the Defendants were, accordingly, fraudulent transfers of Zhunrize’s assets.

In addition, the claimed June 2014 oral agreement is invalid and
unenforceable, and any payments made purportedly thereunder were not made for adequate consideration and resulted in the unjust enrichment of the Defendants.”

A final decision on Berger’s motion remains to be seen, but considering all of the back and forth that’s taking place here, it’ll be mighty interesting to see what comes of all this mess.

 

Is Zhunrize Receiver Truly A Scam?

If you’ve been doing your research on Zhunrize Receiver, you may have heard from some people that it’s a scam, and from other’s that it’s totally legit.

After reading my review, you might not be sure for yourself.

So, what’s really going on here?

Is Zhunrize Receiver a scam, or can you make a legit business with it?

To be honest, I am not sure Zhunrize Receiver is a complete scam.

However, I did find a few things to be aware of before you join, which will help you to be successful if you join.

Also, see below for help with making money online.

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Read Here For My Zhunrize Receiver Conclusion!

 

I hope you have gained a lot of value from my Zhunrize Receiver Review.

I have found other reviews are scant on details, so I wanted to make sure you had everything you need here.

If you do decide to move forward with Zhunrize Receiver, I think the info I have given here will help you.

Moving forward, you need to take care of marketing yourself, which you can learn how to do with my free training. Click below.

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