Clarksville Family Guilty In Ponzi Scheme

Posted on: 10:15 pm, January 2, 2014, by , updated on: 05:21pm, January 3, 2014

Members of a Clarksville family are under federal prosecution after authorities said their multi-million-dollar internet scam claimed scores of financial victims.

Federal prosecutors said Dawn Wright-Olivares and Daniel Olivares are behind an $850 million dollar Ponzi scheme. It all started in December of 2013 when the Securities and Exchange Commission filed suit against Zeekrewards. The site promised its victims cash in return for investments. The cash, though, was only paid out to old investors when new investors joined up.

“It’s a complete shock to me, and I’m sure it will be to the rest of the town,” Larry Childress said.

Childress ate at the Olivares’ restaurant Thursday (Jan. 2) afternoon—The Healthy Hog. 5NEWS reached out to the owners multiple times, but they declined to comment.

Right around the corner from The Healthy Hog, the Moore family has been running their barber shop for more than 20 years.

The family said they monitor their daughter’s internet activity back at home to make sure a scam like Zeekrewards, run by the Olivares family, doesn’t hit them.

“We keep it blocked,” Bob Moore said. “If she goes on the internet we know about it.”

But the family said because of current advancements, there are only so many precautions parents can take.

“It’s just amazing,” Moore said. “Who would have ever dreamed that this type of scam would be going on?”

As for the ZeekRewards duo, they pleaded guilty and have been ordered to pay more than $11 million dollars. The SEC said in light of their anticipated incarceration, no civil penalty will be imposed.

The scam lasted around two years. And even after the plea deal, the SEC`s investigation is continuing.

11 comments

  • Sick of You says:

    So they make 850 million and only have to pay 11 million? And no jail time?

    Book em away, toys.

  • Glenn says:

    Ponzi schemes are driven by greed both on the part of the schemer and the ‘investor’.

  • Randy F. says:

    They’ve only lived in Clarksville a few years they’re not necessarily a Clarksville family! Makes our town look bad. I hope they get justice & people wonder why our economy is bad!

  • Rebecca says:

    I do too! And I hope they loose their buisness aswell. I bet they thought they committed the crime and decided to use our town as a little hidaway and use their little buisness. Ive never ate their thought about it. Now im definitley not gonna try a crooks restaraunt out now. And I prefer to eat at Fat dawgz barbeque or somewhere else.

  • Here’s a new take on Ponzi schemes. HYIP and Bitcoin combined take fraud to a whole new level of stupidity. Crypto-currency and super-scams will destroy each other. http://alfidicapitalblog.blogspot.com/2014/01/the-intersection-of-hyip-and-bitcoin.html

  • Jessica says:

    So glad to see this story on KFSM! These Scammers got my money too..16,000 of it. I hope they go out of business.

  • Sarah says:

    I went to school with their daughter and wondered how they had so much money. People said they had won the lottery or something, but it sounded sketchy from the beginning. They are not from here, just moved here a year or two ago. They shouldn’t be considered as Clarksville residents.

  • Kasey Chang says:

    The word is Dawn married Alex deBrantes and took a honeymoon just before the SEC hammer fell on Zeek Ponzi around Lexington North Carolina back in August 2012. That’s probably when the then newlyweds decided to get out of North Carolina and keep a low profile.

    Wonder what’s the source of the money to buy the restaurant?

  • noah says:

    agreed with all of this glen

  • Jessie says:

    Dawn and her family have been involved in a multitude of shady businesses and jumped into another shady scam right after Zeek ended. look at her LInkedIn profile. Their business was likely purchased with the money stolen from others, as reported in other news stories about them, and I know lots of people in Arkansas that lost alot of cash. Apparently they say they will stay open according to their businesses Facebook page.

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