its about time they raid Genneva Gold's office. (actually i think its a little too late... pretty sure millions of hard-earned RM are lost entirely.)

but the fact is that a raid will not end this. it only shows that the complaint level has reach an alarming state and the authority has to do something for public relationship sake.

these sort of cons will mushroom now and then, and it'll be the same story once more, it never ends...

as what learn2earn8 mentioned, always ALWAYS ALWAYS do your study before investing. you do not need to have a PhD in (fill in the blank) to understand the basic of a business, you just have to read more often.

to those who lost their money, hope this is the wake-up call for you guys. for those who are still looking for a miracle that they will get the money back... hate to break the news but fat chances peep. u'll probably have better luck with striking 3 ToTo/Magnum/nombor ekor in a row.

Actually it's a very simple maths.

FD 3%
Bank Loan Blr-2.x = 4% Reducing Balance
Credit Card 18% Flat
Unit Trust 10% +-
Warrent Buffet average 20% compound

The financial system is created by kwai lou(orang putih) what makes you think Geneva Gold is smarter? Auntie invest gold 2.5% pm flat which is more than 30% pa. Bank close shop, Public Mutual close long long time. VISA/Master Card change business invest in gold.  Insurance company close shop everyone go invest in gold. Property market crash all buy gold instead of house.

If they can pay u 30% pa so they have to make more than that 35% pa? You tell me this is legit, i tell you this is bullshit.

Worst case scenarios IMO

a)  Those who just recently invested will find their money/gold frozen in the company's assets pnding investigations

b) Hopefully the gold are authentic pieces, so no loss for those able to hold and wait

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.

Ponzi model and MLM model are different, legit MLM model will not asking for expensive membership fees. (ok, put a stop here I don't want discuss MLM here as many of you might not agree)

Ponzi model, people on top will gain a lot while people down there will have to keep on digging out money....

after this incident, my mom really quiet already and not to talk about this infront of me. Pity her also cuz she never listened to me and blindly follow her friend and "invest" this kind of thing, can't blame her also cuz our elders like to follow what friends do. Not to say she is lacking money of what, she has various of investments - let it be mutual fund, shares, mlm, FD and have earn some extra pocket money but when she trying to step her feet on this gold "investment"...
I already sound her to open account with bank and invest via bank but she is not listening and we ended up quarrel few times. I shown her all the facts (like you all showing) and compared with all the investments she has (shares, mlm, mutual funds, FD) and told her that all the things she invested/doing are much more legit than this gold "investment" .... I even shown her BNM website saying this company been raided before while the other things she involved still actively doing biz and don't have any wrong doing and raided by BNM but what to do....parents always think they are "old" enough and know thing more than us
She brought me to their seminar regarding the laws or acts and all the things they presented were protecting themselves more than so called investors.
Lost is not much but for me is a very valuable lesson for her.

Of cos must shared out the real life experience so that people don't stepped their legs on this kind of investment.

I am not scare people like us, what i scare is our eldery cuz they tot they "eat salt more than we eat rice" (meaning they have experience more than us) and blindly follow what other friends do..
lucky she didn't ask anyone to join, if not she lost another thing - which is the friendship

Come On..BNM are not that blooody stupid to freeze a legit company.
You think play play kah?

BNM definitely will move in ONLY if they have more than sufficient evidence.

Tell me..have BNM ever freeze a legit company before?
All your argument here is trying to make BNM in a bad light.

I don't know what they are thinking. I am not a BN supporter myself but its not like Pakatan will help them either. So far, they are alone in making noise. No noted political figure from any side has offered to take up their cause. They are well aware that the issue is poisonous.

Note that they are threatening to march to Putrajaya. Go ahead, like that will work. BERSIH was different in that many (I will not go so far as to claim majority) of the rakyat were silent supporters even if they weren't physically present at the rallies. The Genneva 'consultants' (they disgrace the term, if you ask me) are alone in their rally. Everyone else is who is not involved is either indifferent or engaging in a little schadenfreude.

This is from their Facebook supporters page.
 

2% is 24~30% in a year. Most of them don't work and goyang kaki to get interest. Now their source of income is gone.

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Added on October 8, 2012, 11:26 am
Those that bising2 in the website are consultant aka agent. They scared being killed by their aunty uncle investor. Kakaka...

management wash hand liao gua. Now all the big guy like CEO, regional manager also don't give comment. They say investigation cannot give comment. Bullshit la.
They should come out and talk to investor la.

Izzit possible that with the volume of "investors" in Genneva Ponzi Limited, a small quantity of fake gold, spread around, is actually used to have the 'profit' needed?

These people's (& even the consultants) reply on facebook & newspaper show how low is their understanding of investment.

Is it our education system so low that people don't even know simple logic??

The way BNM replied to them is like a human talking to a cow ...

Don't think the golds are fake. However, the worry now is the gold is "recycled" i.e. 1 gold bar could have multiple owner.

It is still pending investigation.
According to the paper, why Genneva Malaysia is under investigation is also because one Singaporean lady investing in Genneva Singapore was being informed the gold bar is with Genneva Malaysia in Malaysia instead of Singapore. Yet she didn't manage to get back that the gold bar hence she lodge a police report in Malaysia.

Genneva MY take Gold and $$$$$$$$ escape blame it on the Authority.
Genneva World created to canvass another 30% of your Gold in hand and also at the mean time lure in new sell.

I think Genneva consultant are getting very uneasy each day.

Even Genneva supporter facebook are getting less comment now. Its start to dying off... soon there'll be occasional update and ranting while court case is on-going.

Yeah. I noticed their supporters page only has about 4k likes. Where are their 60k supporters?

Already confirm by BNM, there is missing money/gold at Genneva... as the asset seized is less than the invested amount, so the rest is already 'songlap' by the owners.

So case close, confirm scam.  No need waste time to debate any further. Investors, hope you can get back at least some of your money invested.