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> Genneva proven a Ponzi Scheme, BNM says

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aressandro10
post Oct 11 2012, 12:44 AM

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can anyone give me a simple graphic explanation how these genneva investment works.

something you can use to explain to a five year old ?
aressandro10
post Oct 11 2012, 12:47 AM

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QUOTE(sHsIkuA @ Oct 11 2012, 12:12 AM)
but... but normally in malaysia you're guilty until proven innocent!
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thats happens alot in k..
aressandro10
post Oct 11 2012, 01:13 AM

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QUOTE(sHsIkuA @ Oct 11 2012, 12:46 AM)
user posted image

5 second google  tongue.gif
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it think the graphic is halfway...

when a buyer paid for 10 piece of gold, not only he get a physical 10 piece of gold, the company also kindly enough to given him RM 4k bonus for six month...

beside being too good to be true, i dont see where is the catch...

This post has been edited by aressandro10: Oct 11 2012, 01:15 AM
aressandro10
post Oct 11 2012, 01:15 AM

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QUOTE(TruthHurts @ Oct 11 2012, 12:58 AM)
Unless your gold is "bought" by at a cheap rate by that company to be sold to you. Ever heard of Gold bars filled with Tungsten metal ?
Unless you have a high-tech machine which can detect tungsten metal in your gold bar .. paper gold doesn't seems bad to me.
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thats different...
aressandro10
post Oct 11 2012, 01:49 AM

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QUOTE(digitalcode @ Oct 11 2012, 01:36 AM)
After some more reading, I think the 'catch' is just that you pay for 10 gold bars worth (RM10k), but you only get 8 gold bars (RM8k). Genneva guarantees to pay you monthly interest, and guarantees to buy back your 8 gold bars in the future at the same price you paid (RM10k).
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so basically speaking, the buyer actually 'loan' a 2 gold bar worth of money to Genneva with interest. And in due time Genneva will pay it back.

beside being an illegal fund collection and stuff, its actually quite legit. depending on how much is the interest rate they agreed, Genneva can afford it by investing the capital money and stuff...

This post has been edited by aressandro10: Oct 11 2012, 01:50 AM
aressandro10
post Oct 11 2012, 02:07 AM

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QUOTE(Balaclava @ Oct 11 2012, 01:51 AM)
problem is: they are rolling it with other sheeps(brainless aunty and uncles that labels themselves as 'investors') money. then you loan me the money, I pay the other fella and so on and so forth
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of course... but the question is what did they do with the capital money....if their other further investment can outrate the interest they agreed with then, no problem....funding kroni A level project for the government for example can achieve that.

all the gold and stuff are basically a pretty exaggerate supporting document to fool the bank ( read : the sheeps ) for the loans.

but it still somewhat sustainable...
aressandro10
post Oct 11 2012, 02:09 AM

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QUOTE(coolpeople @ Oct 11 2012, 01:51 AM)
come on la..if people paying you dividends...you expect to know the source of the income right?yet no prospects or annual report is given at all.....
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your are mistaking gold for shares.....
aressandro10
post Oct 11 2012, 02:21 AM

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QUOTE(pandah @ Oct 11 2012, 02:11 AM)
but they tell you they not doing investment, not taking deposit, no generating interest, just give hibah as gift.

how no investment can also give return? gold price appreciation and hedging system can achieve they say, lolwut?
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maybe they got the blood gold from slave child miners in africa for dirt cheap price...

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