so many uncle aunty lo.... so in conclusion, were those selling and buying golds are considered illegal?

I do have one rather interesting question. From what we can read in the media, it's a one sided story. Genneva is a victim of BNM raid. Fair enough, maybe media's wrong. Search the internet and you cannot find a similar complain group like the one in Singapore. Of course BNM said that they raided due to complains by the public but as a public, I see more people defending Genneva than condemning it (except in this topic). So have they actually been a good paymaster the last 3 years that everybody is rallying behind the company instead of condemning it?

I'm just putting this question into perspective. Who are the actual victims here? People are not getting their hibah and commission because of BNM raid, and not because of Genneva not paying them. That make sense for them to rally against BNM.

So are there actually any victims in this topic?

This post has been edited by sleepwalker: Oct 4 2012, 10:51 AM

Haha tell me bro, do you really think BNM would have conducted the raid had it's Singaporean counterpart not done so?

Last time Malaysian football referee oso got caught for match-fixing... in Singaporean soil by Singaporean police! What were the Malaysian police doing all the while the fella spent his time in Malaysia?
'

Only stupid or greedy people will say that there is nothing wrong in paying 25% premium on a "product" and getting back a fixed return every month... can't they tell that they are paying themselves?

I f***ing hate scam companies like genneva, thats why i have a soft spot for the investors and consultants who eventho are EXTREMELY BRAINWASHED and still believe geneva is legit.

Getting conned by geneva is not their fault. But being overly greedy is their fault.
Anything that involves the 7 deadly sins really need to thread carefully.

I am unsure how it works but did they ask themselves who are the parties that paying the fixed return to every investors or the so called gold traders who are just buying and selling the gold?

Of course if you look it at that way it is stupid but for people with Genneva for the last 3 years, they did not lose any premium (since they get it back every 6 months) and have been gaining 1.5-2% every month for the last 36 months. That is why I'm still asking the same question and nobody has answered.

ARE THERE ANY VICTIMS IN HERE who has been scammed by Genneva and not BNM's raid?

Getting conned by geneva is not their fault. <--- you might want to read that sentence repeatedly for 1,000 times...

Don't just quote half my statement, I said its their greed that caused it. If your girlfriend cheat on you, is it your fault? f***.

This post has been edited by HighRoller84: Oct 4 2012, 11:04 AM

I think the victim here maybe is the government for losing so much company income tax.

Just imagine how much profit this company is making throughout these years. Does these type of gold investment companies get taxed...?

Btw, customers investing in this scheme, LHDN personal income tax will know or not since BNM no control over it since establishment ?

If it's THEIR GREED then it's THEIR FAULT lar... what the hell are you smoking F***???

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Added on October 4, 2012, 11:11 amSame old... same old... why don't you replace 'LHDN' and 'BNM' to 'Singapore Commercial Affairs Department'... still legit?

This post has been edited by teo1957: Oct 4 2012, 11:11 AM

b**** please, if a girl dress sexily, is it their fault when they get raped? f***ING *******.

If a person is greedy, is it their fault they get conned? Think about it. LEMBU.

Good question!

I would be honest with you. I donno about that and cannot answer it.

However, I have another much more interesting question.
In the example of madoff scam, are there any victims that had been scammed by the company in the early years (before the company go bust) ?
If the SEC had raid Madoff in early year, who the people are gonna blamed? Blame SEC for raiding OR Blame Madoff?
The Madoff scam went undetected until the company bust and then people blamed SEC for not doing the job. So what SEC need to do?

Interesting???

some of you just can blame the invester greedy, stupid, at fault..this is a lesson for all of us..stop branding other ppl and should b happy that all of us will learn some mistakke some point in our life..

so, quietly u think u r better than those coz u din get cheated?

when the government act fast,people say there is no victim..this is not a scam

when the government wait for people to lodge police reports,people say government is slow..there are so many people got scammed



people always blame others except themselves

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Added on October 4, 2012, 11:19 amgood example

This post has been edited by epie: Oct 4 2012, 11:19 AM

let me enlighten you.

go look up http://en.wikipedia.org/wiki/Ponzi_scheme

for TLDR:

1. in the early stages of the ponzi scheme, there is no fear, everyone is celebrating because the promises are being honored (just like the genneva gold situation)
2. once the later stage investors starts to come in and grow to a unsupportable level, the scheme unravels and trouble arises from not being able to honor their promises (like case of genneva where investors start to receive delayed interests and longer periods for retrieving their physical gold)
3. at critical stage, the scheme unravels and all hell breaks loose. government securities are forced to swoop in because too many reports about the promises from the scheme is being unfulfilled and consumers screaming for blood.

Hahaha you're so f***ed up right now that when people are talking about Genneva, you need to talk about rape and girlfriend cheating???

What's next? Genneva investors were not being informed of unrealistic returns?

for being pwned.

Correct but that is not what BNM is raiding Genneva for. That is why there is so much noise about this raid. BNM is hoping to uncover a ponzi scheme by raiding on the fact that Genneva is not licensed to accept deposits. Now who wouldn't be angry over that.

For BNM's sake, they better expose some major Ponzi scheme linked to some major Datuks... otherwise they are going to end up like MACC...

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Added on October 4, 2012, 11:32 amCorrect but as per my reply just before this, they are not going after Genneva for being a ponzi. For the sake of BNM, they better dig up some major ponzi scheme or they are going to face a setback like MACC...

This post has been edited by sleepwalker: Oct 4 2012, 11:32 AM

just wait for investigations to ascertain whether their operations are sound...whether the assets are there

This is the best post, you got my thumbs up.