Read all the 5 pages... and had nothing more to add, except

"A word to the wise is sufficient."

DELETED.

i'm out of this thread... bye.

PS. scared i kena 3 days suspension.



This post has been edited by j.passing.by: Aug 10 2012, 10:18 PM

"Also The Star newspaper butthurt a lot cos geneva sponsor one of their event."

The mass media, particularly The Star, should shoulder part of the fault since the standard of journalism seems to be lower and lower everyday. Just over the weekend, there was an article on whether retirement with RM1 million is adequate, and the writer concluded that it could be tough as it only last 25 years with RM3,333 per month, and alternate option is keep working. I think the writer spoke to financial advisers who believed that keeping your money under the bed is an option.

I know that letters to the Editor are edited for grammar... I think some letters should also have editorial rebuttals, otherwise some readers would wrongly assumed that the letters were well thought-out. Blue ocean strategy and new innovation in an age old business of buying and selling gold?

Those that still thinks that BNM had acted unfairly, it seemed that there were clear warning in their press statement released last month; the 2nd last paragraph cannot be more clearer.

(Did BNM waited for the right time, when spot gold is at record high?)
correction: not really record high, but at the highest range level this year & maintaining the level for the past 2 weeks...

-----------------------
http://www.bnm.gov.my/index.php?ch=en_pres...ac=2646&lang=en

Update on Financial Consumer Alert List

Bank Negara Malaysia would like to refer to the recent media reports relating to the Financial Consumer Alert List published by the Bank. The introduction of the List is to provide members of the public a quick reference and guide in making decisions in relation to various financial services offered by non-licensees.

The Financial Consumer Alert List essentially refers to the list of unregulated person or companies who have been mistaken as being licensed or permitted by regulators including Securities Commission Malaysia, Ministry of Domestic Trade, Co-Operatives and Consumerism, Companies Commission Malaysia and Cooperative Commission of Malaysia on their business activities.

The List comprises of companies or individuals not licensed by the regulators and which have received numerous inquiries from members of the public. The List is not exhaustive and will be updated regularly for public's reference. For further information, members of the public can contact BNMTELELINK at 1-300-88-5465. The Financial Consumer Alert List is available on Bank Negara Malaysia's website (www.bnm.gov.my/consumeralert).

Bank Negara Malaysia would also like to advise members of the public that they are free to undertake outright buying and selling of gold. However, members of the public should be cautious of various illegal deposit-taking and investment schemes especially in precious metals such as gold that entice them with high returns. These schemes promise high returns over a short period of time with the option to buy back the gold. These schemes could be "get rich quick schemes" or termed as "Ponzi schemes" where the investment money collected are used to pay out as "high returns" to other investors. Such schemes are illegal and fraudulent and members of the public may lose all their money.

Members of the public are advised to check with the relevant authority when dealing with companies or individuals offering seemingly attractive business opportunities or financial services and not licensed by the relevant authority.

Bank Negara Malaysia
05 September 2012

This post has been edited by j.passing.by: Oct 5 2012, 11:26 PM

More from BNM website:

http://www.bnm.gov.my/microsites/fraudalert/0301_status.htm

Status of Cases Investigated
By Companies

The Gold Label Sdn Bhd
Dencomm Sales & Services Sdn Bhd
Semangat Teknologi Gagah Sdn. Bhd. (formerly known as STG Resources Sdn. Bhd.)
Asia Ceramic Marketing Sdn Bhd
Etika Emas Estet Sdn Bhd
Genneva Sdn Bhd
Bestino Group Berhad
AK United Sdn Bhd
Walton International Property Group (M) Sdn Bhd
Gemilang Mirza Sdn. Bhd
Buluhmas Enterprise Sdn. Bhd
Noradz Travel & Services Sdn. Bhd
Jazmeen (M) Sdn. Bhd
Eastana Farm Industries Sdn. Bhd
Reed Corporation Sdn Bhd
Sigma Platinum Sdn Bhd
Wisdom Spectrum Sdn Bhd
Maxficient Consultancy Sdn Bhd
Practical Support Sdn Bhd
Pan Phoenix Dina Sdn. Bhd
Sunshine Empire Sdn Bhd
Mercantile Point Sdn Bhd
Hitech Objective Enterprise (HTO)
Jai Network Systems Sdn. Bhd.
AB Fund
G-Gold Gallery Sdn Bhd
PIPS (New Mark Business Centre Sdn Bhd / Picpay Dot Com Sdn Bhd)


(interesting; it has the dates of all the court proceedings in each case; further case details in the site...)

From BNM: http://www.bnm.gov.my/index.php?ch=en_fina...eralert&lang=en

Why should consumers be careful when dealing with unregulated entities or persons?

Consequences:
Consumer protection under the laws administered by BNM IS NOT APPLICABLE should the members of the public choose to deal with the illegal financial service providers.

Members of the public who participate in the illegal financial activities could also BE CHARGED under the law as abetting the operators of such illegal activities.

=========================

With reference to above BNM warnings, "members of the public" could mean previous customers, and/or sales agents... so now you have no worries whether BNM will take further action since you did not join; and can sleep easily at night.

Bet you some professionals were on the hunt for this sort of schemes, to be among the first batch of customers who got in and got out with profits; and giving false perceptions to the later batches of naive consultants and customers to jump onto the bandwagon.

Maybe the authorities will be following up on these past customers when the dust has settled down.

easy come, easy go... maybe they took the risk with full knowledge that the music will eventually stop but were caught without chairs when the music did stopped.