From 6pm-8pm... they sneak in for unofficial party?

This article was published on 31 Oct 2012, at Singapore Straits Times Forum page.

http://www.straitstimes.com/premium/forum-...estors-20121031

Expedite probe on gold buyback firm for the sake of investors
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DEPUTY Prime Minister and Finance Minister Tharman Shanmugaratnam's parliamentary reply ("Tharman warns operators of gold buy-back schemes against fraud"; Oct 17) and the replies by the Monetary Authority of Singapore (MAS) ("MAS spells out regulatory criteria"; Oct 20 and "MAS explains extent of its alert list"; last Saturday) have not comforted investors like me who bought into the gold buyback scheme offered by Genneva, which is currently under investigation.

Genneva started operations here in 2008.

Even though it was later listed in the MAS' Investor Alert List, it was still allowed to operate as usual.

Investors like me were unaware of the alert list until it was too late.

We had placed our faith in Singapore's regulatory system.

Mr Tharman's reply suggested that the authorities indicated a recognition of the heightened risk of non-discerning investors putting money into seemingly high-yielding schemes in the current low interest rate environment.

Yet, it seems that there was no corresponding increase in regulatory oversight.

The latest reply by the MAS highlighted that appropriate action will be taken by the relevant authority where there is evidence of fraud.

The Commercial Affairs Department (CAD) only conducted a raid on Genneva after the company was in operation for more than four years.

Did evidence of fraud or any other breaches of the law surface only recently?

Why was there no action taken while the scheme was still in the early stages and not as widespread?

After the raid on Oct 1, investors were left worried and desperate.

Those fortunate enough to hold on to the gold have sold their holdings to a local bank at steep losses.

Now, two new gold buyback firms are making a seemingly attractive offer to Genneva's investors.

Yet, given the official stance, Genneva investors are exposed to a potential double whammy.

The CAD has been relatively quiet on the case.

Timely updates would not compromise the investigations, as feared by the MAS, and the actions of the Malaysian authorities in a similar case illustrate the point.

The CAD could prioritise and expedite the investigation for the sake of the investors.

The situation is even more dire for those who do not hold the gold.

Many of them depend on the monthly rebates for their daily living.

Worse may befall investors if the investigation drags on.

Ow Bin Bing (Ms)

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Added on November 12, 2012, 11:46 amThis article was a reply to Ms Ow's article (above). It was published on Nov 02.

http://www.straitstimes.com/premium/forum-...enneva-20121102

MAS spot on in handling gold buyback firm Genneva
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WHILE I am sympathetic to the plight of Ms Ow Bin Bing ("Expedite probe on gold buyback firm for the sake of investors"; Wednesday) and others like her who bought into the gold buyback scheme by Genneva, I hesitate to call them investors.

Investors would have done their homework, found out how the company was able to pay out the 24 per cent per annum interest (that is, how it is earning the money) and decided for themselves whether they can stomach the risk of losing their money should the company run into trouble, before investing.

It does not seem right to hold the authorities responsible and blame regulatory laxity.

The Government cannot arrest anyone who looks like a crook unless the person commits a crime.

Until the company runs into trouble, and a consumer files a complaint, the authorities should keep out.

It is almost impossible for the authorities to investigate each firm to detect traces of fraud; the principle of caveat emptor (buyer beware) must apply somewhere.

When the Monetary Authority of Singapore (MAS) added Genneva to its Investor Alert List, it was metaphorically placing a sign by the side of the investing road, warning investors that accidents occur there frequently.

By no means should the road be closed, and another built.

If a person chooses to jaywalk to reach his destination quicker instead of taking the longer and slower but safer route via the overhead bridge, who should bear the blame if he meets with an accident?

Can the victim then claim that he did not see the sign banning jaywalking, which is what Ms Ow is more or less claiming when she insists that she was unaware that the MAS had placed Genneva on the alert list?

The MAS undertook due diligence and executed its duty properly by installing the danger sign.

As adults, we are responsible for observing the signs or ignoring them, and should accept the consequences of the choices we make.

My friends, as well as an ex-colleague, had in the past two years urged me to buy into Genneva.

I refused because my checks convinced me that I would not be investing, but gambling on a company of which I knew virtually nothing.

Grace Tan (Ms)





This post has been edited by Genneva_is_a_scam: Nov 12 2012, 11:46 AM

anyone from here going to sneak in? share share ~

Pat lu claimed someone stole her phone galaxy s3 at mid valley Japanese restaurant, karma catching up to her, fuc still in so good mood when ppl she cheated is starving, check her fb page

Where you got this information?

When the real karma strikes, its NOT only the galaxy s3 that she's going to lose.

her name Luu ur name also Luu u go comfort her and tell her to get Note 2 or iphone5 la ok?

Haha, deb, not free lar, I Danny tulan rolling in my grave now that my name have been used to con thousands, look at her own comment in her fb page, lulu is the one suggesting if it's time to get note 2, she already bailed out lar long ago and gleefully see things unfold as planned

woahhh.. meeting started liao. don't think 2 hours can finish 2 sessions worrr.... everyone busy hence no one admin the GMS page and not delete Sarita Sharma's comments Genneva Ponzi Ponzi lol

No money for medical bills but can afford Note 2 ??!!!???

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Added on November 12, 2012, 7:07 pmIt won't be a meeting (2 way communication) Most likely a presentation to tell everyone what to say and what to do ? If you expect a discussion you may be disappointed. That is why there are 2 one hour sessions - they don't plan to have a discussion - just tell these people what to say and what to do.

This post has been edited by terry8: Nov 12 2012, 07:07 PM

She complains that CONsultants didn't get commissions for two months, son's college fees due, but she got a pile of cash in Bermudas, can lunch in Japanese restaurant and thinking of getting Samsung Note 2. Sheesh!

i don't know what religion is she
but in my religion budhist it is very bad karma to lie and get pity in such way

I saw that post too. Frankly, how it got stolen is an interesting insight into her personality. Apparently, someone pointed out a wad of bills at her feet at a restaurant so she bent down to collect it as she thought it might be hers. When she got back up, her phone wad gone.

When you go for quick money that comes from nowhere, you lose something of more value. Sounds familiar? Hmm...

another happy news




can last for another months of hospital bills, and school fees etc

you are so cute debbie!!!!!!

Any feedback on the meeting ?

How was the meeting? Insider news?

Wow.. according to the "assuring and happy deevali" (or pie-in-face) letter, they really got 67k people bought into this scheme.
This could be the biggest fish ever caught by authority.

As usual trying to pacify an angry mob and buying for time.

This post has been edited by Akonn: Nov 13 2012, 03:18 AM

i cannot brain why people still believe this is not a ponzi...