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 GENNEVA MALAYSIA, some facts.., READ and UNDERSTAND

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arubin
post Oct 4 2012, 11:48 AM

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I would like to remind the Genneva investors that Madoff was also giving giving out great returns, and allowing people to cash out whenever they wanted. Than the bubble burst...

Ever considered the reason as to why Genneva is so aggressive is because the whole thing will collapse without injection of new money?

I'm just speculating of course. We'll see how the investigation goes, although I'm pretty sure that the Singaporeans won't act without good reason.

Article might be pertinent, or it might not be:
Inside the Mind of Madoff

This post has been edited by arubin: Oct 4 2012, 11:50 AM
arubin
post Oct 5 2012, 10:39 AM

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Use your heads lar people. Bernie Madoff didn't even offer returns anywhere as high as Genneva's and his entire investment scheme turned out to be ponzi.

Btw, I don't think that those who invested enough to get a physical gold bar are any better than those who don't have any. IIRC, when Madoff was exposed, they forced everyone who had cashed out within a particular period to hand back their money so that everyone can be equally 'compensated'. I would say its more like sharing the pain equally.

If Genneva turns out to be bust, BNM might very well force them to hand back the gold bars so that they can liquidate and do the same.
arubin
post Oct 6 2012, 07:15 PM

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QUOTE(terry8 @ Oct 6 2012, 03:33 PM)
Let's pray for them that they will be able to recover from this ... seriously. It's tremendously stressful for them. Imagine if you and I lose our jobs today without notice and without compensation. It's very difficult and frightening.
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While I do sympathize to a certain extent, I do feel they should have thought over things carefully when they invested.

GOLDEN RULE: Don't put all of your eggs in 1 basket.

Just because there are great returns is no reason for you to go all in, or worse - take out a loan as well. You only have yourself to blame if the investment collapses and you lose everything. Why didn't you diversify?

Also, if anyone approached me telling me that there is an investment that can provide 2% return per month, I would be asking them to lay off the weed or something.
arubin
post Oct 7 2012, 06:01 PM

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The Facebook supporters page is unbelievable. They are actually threatening to make a political issue out of this. BNM is supposed to be apolitical (well, supposed to be). Neither BN nor Pakatan are supposed to help you out, and it will be gross abuse of power should they interfere with the investigation.
arubin
post Oct 8 2012, 11:00 AM

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QUOTE(property101 @ Oct 7 2012, 11:20 PM)
interesting. wonder if genneva investors would purposely vote the opposition just because of this incident?  tongue.gif
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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.

QUOTE
BNM, your action to raid Genneva Malaysia is mindless. What is your agenda? Force 60,000 people on the streets to overthrow the Prime Minister and BN government?


doh.gif rolleyes.gif
arubin
post Oct 8 2012, 04:49 PM

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QUOTE(cckkpr @ Oct 8 2012, 04:16 PM)
He argued that with gold being sold with such a lucrative return, a lot of people would be withdrawing monies from their accounts, which in turn would start to worry the banks."
Who is he speaking for? My money still in bank earning only 3.1% interest with FD. Those Genneva inves...err, gold traders can laugh at my low returns however much they like, but I'm not the one who has to worry about money right now. whistling.gif
arubin
post Oct 10 2012, 09:38 AM

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I don't get these Genneva supporters. On one hand, they want BNM to expedite the investigation. On the other hand, they constantly try to badmouth BNM and post rude remarks on their FB page. What idiots.

If you go to a restaurant or hotel, do you think you'll get better service if you are polite or rude to their staff? Why do they think that being rude to BNM staff will achieve anything?

rolleyes.gif
arubin
post Oct 10 2012, 10:20 AM

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QUOTE(merce @ Oct 10 2012, 10:12 AM)
not every1 reads BNM press release, and not every1 cares about educating themselves before jumping into "investment" schemes and those sort.

but i'll agree with you on the part that our authority tends to be a weebit slow when it comes to law enforcement.
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We cannot always blame the authorities. They need to establish proof. If they just simply swoop in like that all the time, it will be a violation of rights.
arubin
post Oct 10 2012, 11:00 AM

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QUOTE(wongmunkeong @ Oct 10 2012, 10:58 AM)
Serenity22,

May i understand:
a. which good counter gives average dividends of 12-20%pa?
b. ASN averages 9%pa?! U mean ASB and 8%pa+/- right?
c. EPF - averages 6%pa? Your average is past 2 years or past 5 to 10 years?

I must be living in another reality if your averages are true  sweat.gif
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Yeah, I would like to know also. I must be buying all the wrong shares. The dividends I have been collecting are about ~5% on average.
arubin
post Oct 10 2012, 12:02 PM

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QUOTE(harrychoo @ Oct 10 2012, 11:45 AM)
This CONsultant very butthurt  laugh.gif
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No shit. I can easily afford to buy gold if I wanted. I'm just not gullible enough to buy it from Genneva. rolleyes.gif
arubin
post Oct 10 2012, 12:10 PM

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QUOTE(harrychoo @ Oct 10 2012, 11:52 AM)
Being cheated is one thing, i mean throughout our life, sure got kena cheated before be it cheated in ponzi, cheated in garage sales, cheated in some investment or even cheated when buy stuff from pasar malam. That's not the funny part, the funny part is the person that get cheated still defending the CON man/company, that's a new whole level  laugh.gif
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No kidding. I want to sympathize, I really do. Except,
- They disregard advice to hire independent lawyers instead of relying on Genneva's. doh.gif
- They believe there's a conspiracy theory going on. doh.gif
- They are threatening to make this political. doh.gif
- They seem to think that being rude to BNM staff will achieve something. doh.gif

rolleyes.gif
arubin
post Oct 10 2012, 01:59 PM

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QUOTE
Cindy Loy Foong Chan
I almost broke into tears when I saw the 2 Directors. Their word of concern and care had really touch me. Their appearance in the office simply show that they care and they are HERE, RIGHT HERE going through the turbulence with us!! 1 100% support Genneva.


Charles Ponzi was cheerfully handing out coffee and donuts to the crowd that had gathered to withdraw their money after a newspaper revealed that his whole investment scheme was based on fiction. It helped restore people's faith in him and many decided to leave their money with him.

I see history repeating itself here...
arubin
post Oct 10 2012, 05:55 PM

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Now this is precious. Latest post on Genneva Malaysia Supporters Facebook page.

QUOTE
What? BNM think we are terrorists izit? I received a number of calls and SMSes saying they can't see nor search for Genneva Malaysia Supporters on FB as non-members. OK, here's what you do.. go to http://www.fb.com/GennevaWorld > at the pinned post, click on the link to fb.com/GennevaMalaysiaSupporters there.

blink.gif
arubin
post Oct 10 2012, 07:09 PM

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BNM just issue a press statement.

Update on joint raids conducted by enforcement agencies on companies suspected of conducting illegal investment schemes using gold

QUOTE
Based on surveillance and examination conducted on these companies, it has been discovered that these companies are operating schemes that are believed to be not sustainable to provide the promised high monthly returns, nor would they be able to provide the buy back guarantee of gold.  Such schemes are not sustainable because the returns promised are not funded through gold trading, but from the monies invested into such schemes.  The investigations have also revealed that the amount of assets and monies held by these companies do not commensurate with the amount collected from their investors.


...and the cat is out of the bag. Classic Ponzi, as we predicted. Let's see if the supporters are finally willing to face reality or continue to be in denial.
arubin
post Oct 10 2012, 07:39 PM

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Apparently, one of their 'senior consultants' has been invited to be interviewed on BFM 89.9 at 7.15AM tomorrow morning. I don't wake up that early, but for those of you who do...well, I think it might be quite entertaining - especially if the DJ has read the press release. laugh.gif
arubin
post Oct 10 2012, 10:26 PM

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They are praising Muhammad Khairun Aseh of UMNO Youth to the high heavens right now on their Facebook supporters page. It shows how desperate they have become. sweat.gif

I wonder if they even realize that they are being played. Just what can this Khairun do aside from write letters and make a whole lot of noise? What would that achieve? Absolutely nothing. The gold and monies have now become evidence. This is all in the hands of the courts now. There are legal procedures to follow, and it will be up to a judge to decide if the evidence can be released.

Wonder if the Genneva Supporters will start to lambast the judiciary now instead. rolleyes.gif
arubin
post Oct 10 2012, 10:44 PM

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The Genneva supporters keep bringing up Public Gold and complaining that BNM is being unfair as that company has also made the watch list but has not been raided.

Out of curiousity, I decided to look at their website.

http://www.publicgold.com.my/v1/index.php

Now unless I am reading the website incorrectly, it looks like their MO is completely different from Genneva. It does not look like any discretionary payments like 'hibah' are being paid out. Also, it is pretty obvious that their sale price is rather higher than their purchase price which allows them to profit from the difference - just like how currency exchange works. Also, their sale price does look to be above worldwide market rates despite what they claim so they do already make a profit from each sale by itself.

There might be something fishy going on after all. I'm guessing there's a reason why BNM placed them on their watch list. Even so, at least the business model looks sustainable.

But what do you folks think? What might they be doing that is suspicious?
arubin
post Oct 11 2012, 01:07 AM

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QUOTE(Dan01 @ Oct 11 2012, 12:47 AM)
this fella can learn a thing a two about accounting systems. balance by paper and calculator izzit..
bank daily shortage by millions?? so got a window for someone to siphone the daily million shortage before it gets balance la?
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Speaking from personal experience, I can confidently state that BNM expects their statements to tally every day. If any one of their figures differs by even 1 cent, there will be hell to pay.

I don't expect it to be any different with the banks. You want to siphon something? Not as easy as you think.
arubin
post Oct 11 2012, 08:12 AM

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QUOTE(gogo2 @ Oct 11 2012, 08:08 AM)
I'm not sure if he lost money. But I'm sure since he is CONsultant, a lot of his customer will find him if they don't get back their money. Pat Lu life will be very miserable.
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Pat lu is female btw, unless Assunta school once allowed male students. sweat.gif
arubin
post Oct 11 2012, 09:53 AM

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QUOTE(Genneva_is_a_scam @ Oct 11 2012, 08:38 AM)
Dear All anti-Genneva forumers,

Pls use this facebook account to voice your displeasure!

Thanks.

http://www.facebook.com/Genneva.Gold.Haters
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No thank you. I don't hate them actually and I do sympathize to a certain extent. Its when they keep insisting on defending the company and calling us ignorant that my sympathy fizzles away.

I do pity the lower level victims, but the higher level consultants? Popcorn time.

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