it is baffling why some investors going all out in such scheme... NEVER EVEN gone to bricks n mortar gold shop to buy before and understand their modus operandi . All their "info" are misleading ones spewed by agents , which seems like music to their ears. alot of brain cells deactivated this way.

This post has been edited by alanyuppie: Oct 7 2012, 11:12 AM

I know one CON-sultan who approached me to join him...
He proudly show me he was earning 30k+ per month..
When I refused to join him, he called me STUPID...

I told even my GM don't earn 30k+ and he has to work more than 10 hrs/day and all the stress...

He just laughed at me...
Guess those who laughed last can laugh the LOUDEST....hahahaha....

You are right. Those investors in that "twilight zone" transitional period are the biggest losers because they have neither gold nor money. These are the people who really depend on BNM speedy work to release the selling-back money to them because it is not company asset but belongs to the customer. But I doubt BNM would even bother to do that. I guess they have to wait out until everything is settled, court case or otherwise, to claim what belongs to them.

You do not know that after GENNEVA Version 1 was raided, it was found that the bank accounts were short of RM47,000,000?? The scam operators stole the money already! You think GENNEVA Ver 2 is not doing the same thing?

Amazing naivette!!!

---

Added on October 7, 2012, 11:25 amToday's article in the NST, Sun 7-10-12. There have been hundreds of complaints VS GENNEVA, contrary to what the GENNEVA supporters are screaming about.

"Email    Print 07 October 2012 | last updated at 01:18AM
Crackdown on gold trading firms to continue



By ATIQA HAZELLAH AND ELIZABETH ZACHARIAH | news@nst.com.my 0 comments






MORE raids can be expected over the next few weeks as Bank Negara Malaysia continues its crackdown on illegal gold traders.

A gold trader breaking down in tears after the raid on Genneva Malaysia Sdn Bhd on Monday.
1 / 1
KUALA LUMPUR: This comes in the wake of raids on four gold trading companies -- Genneva Malaysia Sdn Bhd, Pageantry Gold Bhd, Caesar Gold Sdn Bhd and Worldwide Far East Bhd in Bandar Baru Sri Petaling -- that were raided in the past week for several offences.
A Bank Negara officer said it was looking into other companies that offered similar services and action would be taken if irregularities were found in the companies' dealings.
The officer, who declined to be named, said most of the companies offered get-rich-quick schemes, also known as Ponzi schemes.
"The investment money collected is used to pay out 'high returns' to other investors. Such schemes are illegal and fraudulent," he told the New Sunday Times yesterday.
On Monday, Bank Negara, together with police, the Domestic Trade, Cooperatives and Consumerism Ministry and the Companies Commission of Malaysia, carted away boxes of documents and gold bars from Genneva Malaysia's headquarters in Kuchai Lama, near here.
Five days later on Friday, simultaneous raids were conducted on the other three companies, where similar items were seized.
The companies were listed under Bank Negara's financial consumer alert list of known companies and websites that were not authorised or approved under relevant laws and regulations.
The raids came after months of extensive surveillance and intelligence gathering.
The trading companies were suspected of illegal deposit-taking, money-laundering, tax evasion and avoidance, false description, including misrepresentation and appointment of agents without licence.
The Bank Negara officer revealed that in Friday's raid, officers were told that a director of one of the companies had fled with money from clients and some gold.
"We have received hundreds of complaints from people who said they were cheated and lost their investments in these companies.
"They claimed that the companies which they had bought gold from were closed when they went to collect it."
He said those who had fallen victim to these companies were afraid to lodge police reports as they feared they would not get back the money they had invested.
"If the offer is too good to be true, then chances are it is a scam," he said as an advice to the public.

+++++++++++++++++++++++++++++. "


This post has been edited by scorpio55: Oct 7 2012, 11:25 AM

PAMP Suisse Gold bar is well known and world recognized. AFAIK, original packaging is better la.

However, physical gold bar trading in here depend on several big market player. I once ask a gold shop that sell the PAMP how is the selling price if I want to sell back to the shop. She say 20% or something(forgot already but I think a bit too much) below market price for PAMP. Needless to say I didn't buy it because I did not think I could earn much from such big different in buy and sell price. It literally mean gold price need to rise more than 20% or MYR fall more 20% compare to USD to earn money. And it is hard to sell it to other people.

This post has been edited by anudora: Oct 7 2012, 11:45 AM

Yes the Con-Sultans are an integral part of the scheme. They should be accountable for at least 50% (if not more) of the responsibility. Without them, the company could not have grown into the size today. I am sure many aunties and uncles fall for the scheme due mainly to agents' sweet words, not the company's black and white agreement. Just imagine if Genneva calls them and tell them there is a high return gold investment scheme they should buy, these aunties and uncles will definitely ask them to fly kite and slam the telephone down. But if it was their nephews, relatives, friends, or friends' relatives who call them, then they will give them a chance to listen. They trusted what the agents said, not the company whom they know nothing about

The existing laws adequately cover those who abet the scheme (ie the agents). So, agents should face the law now instead of waiting for the karma to haunt them later

BNM should exert some deterrent punishment for the agent this time, so that in the future, such similar schemes will be harder to recruit soldiers to help them sell their products

Now he himself hit back his own buttock.

PONZI SCHEME!!

IT'S LIKE HYIP (HIGH YIELD INVESTMENT PROGRAM)

There's no such good thing around.

The director themselves ask BNM to come arrest them. It's to freeze those public money.

Public Gold u guys think OK or not?

Public Gold also on BNM Alert List now....so better be careful

You don't necessarily have to sell to the goldsmiths. There is a vibrant secondary market available on facebook. PM me for more details.

From my previous post, you should have known that I do not own PAMP.
And I do not trust the thing I see on FACEBOOK especially in doing business although I own a facebook account.

This post has been edited by anudora: Oct 7 2012, 12:08 PM

Ah I meant to quote the person you quoted instead, but anyway I wasn't referring to those usual groups you see on facebook.

The following article is by Calvin Yeo, published on his blog. It is a much more balanced take on the GENNEVA debacle, compared to all the rantings and ravings by the GENNEVA supporters report in the Star and the NST.

"Genneva Gold Trading Firm Gets Raided in both Singapore and Malaysia

10.02.2012 · Posted in Malaysia, Personal Development, Singapore
As a follow up to the law suit against Genneva Gold Trading Firm, the firm finally gets raided by the authorities. In a rare show of joint action, both Bank Negara, Malaysian police and Singapore Commercial Affairs Department raided Genneva offices in both Singapore and Malaysia. I wonder if they actually coordinated this together, but it will be good if they work together to quickly to investigate.

Apparently, the Malaysian newspaper reported that several people gathered outside the firm office to protest against the raid. They claimed that this firm has helped the livelihood of thousands of people, which is questionable. If anybody benefited it was probably the redirecting of the money of investors to the agents who made fat commissions  out of selling gold to unsuspecting investors under the scheme. Of course they would protest as they made tons of money from the scheme, but how about the even larger number of people who lost their life savings in this scheme?

According to Business Times, the management discovered “some financial improprieties” which led to the delay of payment of commissions and discounts. Apparently the company directors filed police reports as well. All of this looks like a show just to mislead investigators and buy time while hoping that gold prices would be lifted again by QE3. Unfortunately for them, gold prices have yet to rally to previous high and money has probably run out for them.

Apparently 3 of the directors are already being sued by Bank Negara for alleged illegal deposit taking and alleged offences under anti-money laundering laws, one just wonders how they can fly under the radar for so long in Singapore.




The even more ridiculous part is that the directors previously operated under Genneva Sdn Bhd, and because it is under investigation and frozen by Bank Negara, guess what? They set up another company called Genneva Malaysia Sdn Bhd and continued running the same business. It sounded like they are already making the same transition in Singapore by asking current clients to move their “gold assets” from Genneva Pte Ltd to another company called Genneva World Pte Ltd. So there again, running through legal loopholes, the regulators better do something about it this time or they just open up company after company.

Whatever the outcome is, it will be an interesting case. It is also alarming to note that there are now even more copycat schemes which are operating openly in Singapore and Malaysia. Be smart and recognize the warning signs."

Nothing we can do about the legal loopholes, crooks will always find ways to manoeuvre the laws. Just hope some mentally disturbed "investors" will... *ahem* those directors

If you want to buy physical gold go to UOB bank - they don't charge a premium of 20%. Then use the 20% you saved to pay yourself 1.5% every month

wow i really can't believe how many of them actually start blaming BNM and carry banners to support Genneva. I'd really enjoy watching the smile wiped off their greedy faces. As for the rest, my condolences.

I nearly got cheated by a friend to join Genneva. Promised me minimum 2% return for RM100k investment. Luckily I waited out for the whole scheme to collapse rather than just blindly jumping in like the rest.

From BNM facebook.

To those who quote karma this and karma that, I found this good quote from someone in another forum, just to share with those karma-this-karma-that smart alex:

"要給人希望，不要給人絕望。默默的關懷與祝福，亦是無形的布施。
凡事能站在別人的角度為他人著想，就是慈悲。
想著利益幫助他人，是慈悲；能真正付出行動關懷，是人間菩薩!!
(translation)
To give hope, don't give the people desperate.
Caring and blessing in silence is also invisible giving.
All things to stand in other people's shoes for the sake of others, is compassion. Think of interest to help others, is compassionate; can really pay the care action, is the human bodhisattvas!!"