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 Genneva Malaysia V3, Raided on 1st Oct 2012.

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arubin
post Oct 30 2012, 09:32 PM

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I really sympathize with the Bestino investors. For one, they don't have the arrogant attitude like some of the Genneva 'gold traders'. They are just humble folk who got swindled. Most of them don't seem to have the education or financial knowledge needed to figure out that it is a scam.

Genneva, not so much. I really find it hard to find any sympathy for some of those folks.

Edit: From the looks of Pat's FB page, she was actually present at Putrajaya. She snapped some photos of the Bestino group.

This post has been edited by arubin: Oct 30 2012, 09:45 PM
arubin
post Oct 30 2012, 11:19 PM

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QUOTE(9166 @ Oct 30 2012, 10:40 PM)
Really sad. The victims are mostly blue collar workers.
http://www.youtube.com/watch?v=gZ1lmEqq13g&noredirect=1
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At least Madoff victims got some of their money back in the end. Even the victims of Charles Ponzi got back 30 cents per dollar. Bestino victims got nothing so far. Not quite sure why BNM is still hanging on to the gold and monies unless the court case isn't over yet.
arubin
post Oct 31 2012, 12:40 AM

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QUOTE(Akonn @ Oct 30 2012, 11:40 PM)
Oh God, please spare me another one of Lulu's never-ending HYPOCRISY:

Open letter to Tan Sri Dr Zeti Akhtar Aziz
http://www.facebook.com/notes/genneva-mala...286012531516645

In the open letter above, we see this 2-faced hypocrite trying to mollycoddle Tan Sri Zeti Aziz and pleading for mercy and compassion.

Wasn't it just yesterday that she accused Bank Negara, the institution that Tan Sri Zeti is leading of robbing citizens' gold in broad daylight and that 60,000 customers who PAID for their physical gold with their life-savings, had their gold unjustly confiscated by BNM, robbed right before their eyes. (I'm quoting her exact words here).

If this isn't HYPOCRISY AT IT'S ZENITH, then I don't know what is.
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Pat Lu shifting blame. Once again, all BNM's fault. Never the CONsultants fault that people are now deprived of their savings.

No idea why they keep complaining about low interest rates. Seriously, what sort of rates were you expecting? Malaysia actually has some of the better FD rates in the world

http://fixed.deposits.org/

Now unless you want to put your money in some Indian bank, or some other dodgy bank, its not really that bad over here. The US and Europe have far worse rates. Suck it up!

arubin
post Oct 31 2012, 10:36 AM

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QUOTE(debbierowe @ Oct 31 2012, 10:11 AM)
problem is they dont think its ponzi (yet) or they never will


Added on October 31, 2012, 10:19 am
still want to play bodoh
fuahhh.. i got 1 mutual friend with that terrance..
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Its like many of us have said - if they are truly a bona-fide gold trader, they will be looking to buy gold at the lowest possible price (obviously not Genneva's) and holding it to sell at a higher price later. The more sophisticated traders might even attempt to short sell if they can predict market trends.

If there's such nonsense as 'hibah' and 'buyback' that gives them guaranteed fixed returns, its not gold trading anymore. Simple as that. I won't accept any argument that the hibah and buyback is not guaranteed. Their dependence on it proves otherwise. Its only been 1 month and already they're complaining that they cannot pay their bills? rolleyes.gif

This post has been edited by arubin: Oct 31 2012, 10:37 AM
arubin
post Oct 31 2012, 11:22 AM

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QUOTE(Desvaro @ Oct 31 2012, 10:42 AM)
I'm just glad all this talk is done on FB, not in person.

If someone were to tell me in real life that Genneva can be compared to Poh Kong etc, I swear I will roundhouse kick the person.
Oh hi Chuck Norris, nice to meet you. notworthy.gif
arubin
post Oct 31 2012, 11:53 AM

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QUOTE(prophetjul @ Oct 31 2012, 11:37 AM)
Pat Lu's no christian...shes got all the idols in her FB page

http://www.facebook.com/#!/patlu?fref=ts
user posted image
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That's Confucius, Buddha, and Jesus. I suspect that book represents the Koran as Islam does not allow Muhammad to be portrayed in any way.
arubin
post Oct 31 2012, 12:18 PM

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QUOTE(prophetjul @ Oct 31 2012, 11:53 AM)
i think Pat should put this next to them as well at the rate she is going
user posted image
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Gee, I hope that's not Genneva's actual bullion because it so obviously looks like gold-painted styrofoam. sweat.gif

Wonder if this is the reason behind the aunties comments in that BNM raid video. 'That's not gold, its too light'. laugh.gif


arubin
post Oct 31 2012, 03:28 PM

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QUOTE(hey_there @ Oct 31 2012, 03:16 PM)
where can i show my support to BNM, awang adek and ask him not to resign coz we are here to support him? what he did was correct....
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LOL I'm not supporting that guy. The Genneva folks are kinda right to accuse him of being a backdoor minister (same as Shahrizat), plus he has more dirt around him than Pig-Pen (that Peanuts character). However, that doesn't change the fact that he does indeed have a solid financial background compared to most Genneva consultants. Also, he was merely delivering a report compiled by BNM.

If you ask me, one of the things that I can't stand about the GMS people is how they automatically lump people who are against hem as being a stooge of BNM or the government. rolleyes.gif

Edit: Hey, they made Malaysiakini:
http://www.malaysiakini.com/news/213026

QUOTE
Asamko: At least financier Bernie Madoff was honest enough when he admitted that it was all over and that his investment scheme was a 'ponzi' scheme.

And please do also camp in front of Mahathir's house as he officially launched the opening of Genneva.

Yes! I agree! Go camp in front of Dr M's house. Good idea! thumbup.gif

Go suggest this on the GMS page, Debbie. brows.gif

This post has been edited by arubin: Oct 31 2012, 03:33 PM
arubin
post Oct 31 2012, 04:03 PM

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QUOTE(Desvaro @ Oct 31 2012, 03:40 PM)
Agree with this. They resort to ad hominem attacks very easily. If you criticise their business model you are:

1) Too poor to afford this investment that's why you talk so much
2) Stupid, full of sh!t, brainless, moron
3) Someone who didn't go to school
4) Someone who needs to mind your own business
5) Too dumb to understand a NEW AGE BUSINESS MODEL

You get the point. Notice how they are never able to properly explain how Genneva generates profits to pay out dividends in the first place.
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That was their attitude towards anyone who didn't buy into their sales pitch. They just arrogantly reply that if you don't trust them, than they don't need you business. This actually has the surprising effect of gaining someone's trust instead as they appear confident. They are pretty good as psychology, really. This almost always works on those who have weaker wills or confidence.

And just to debunk them:
1) I can easily afford gold. I just choose not to. I find the stock market to be more attractive.
2) My IQ got me into MENSA, beeyatch!
3) Some of you have MBAs and yet you got conned. Might as well not have bothered. Waste of good money.
4) Hell, no. This makes for good popcorn viewing. I like to think of what I'm doing as heckling a bad actor. brows.gif
5) More like I'm too smart to be taken in by bullshit.

arubin
post Oct 31 2012, 05:25 PM

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» Click to show Spoiler - click again to hide... «

Diagram is garbage. Purposely understates Genneva's cut in order to discredit BNM.

Genneva has a markup of 25% from gold spot price. This means if the customer buys RM1000 from Genneva, than using this simple model's logic, there should be RM200 in Genneva's CIMB account while the customer gets RM800 worth of gold

This post has been edited by arubin: Oct 31 2012, 05:26 PM
arubin
post Oct 31 2012, 06:47 PM

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QUOTE(JustJobe @ Oct 31 2012, 06:40 PM)
Uhm, someone help me out here... so the diagram shows that if i invest, i will hold RM980 and also a gold bar?
or Genneva is a middle man not selling their own gold?

o.O
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That diagram is bullshit. Genneva's markup is 25% above spot price. If you invested RM1000, you will supposedly hold RM800 worth of gold - if they delivered on time of purchase. That hasn't exactly been happening.

The attraction behind buying from Genneva is that they will pay you 'hibah' every month. At RM1000, I think you'll get 1.5% which would be RM15 every month until the contract ends which is when you will be able to sell the gold back to them at your original purchase price of RM1000.

The GMS people claim that this hibah as well as the buyback is discretionary and is not guaranteed, yet they are so dependent on it that many of them are in financial distress after only 1 month. How they fail to recognize this contradiction boggles the mind. rclxub.gif

This post has been edited by arubin: Oct 31 2012, 06:48 PM
arubin
post Oct 31 2012, 08:36 PM

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QUOTE(Akonn @ Oct 31 2012, 07:38 PM)
Oh, this is FUNNY! Saw this posting below by one Agustine Kow, probably Regional Director Joseph Kow's brother and consultant.

"Augustine Kow: CAN YOU KINDLY REFRAIN FROM CALLING PEOPLE STUPID! You can ask him go learn accounting or say "no wonder people like him running the country bring it to ruins" etc etc..Are you trying to put fire into this sensitive issue and aim to sabotage this? i suggest ADMIN please block such people from posting. We do not want BNM think it is one of us who is so unruly and make personal attacks. Tks"

http://sphotos-a.ak.fbcdn.net/hphotos-ak-a...179115917_n.jpg

Ha ha little does he realise that Admin(Lulu?) is THAT someone whom he calls 'so unruly and make personal attacks' and is guilty of calling people stupid. So how does the ADMIN block herself, ha ha ha. She should probably delete his posting and block him from GMS like what she does to us LYN wankers...LOL

So are you trying to put fire into this sensitive issue and aim to sabotage this, Ms Lulu?  ha ha ha

Conclusion: Again our Lulu thinks shes so smart, deluding herself to be the Joan of Arc of Genneva but kena kow-kow from Augustine Kow. And indeed GMS people are unruly and are out to sabotage themselves.

  thumbup.gif  thumbup.gif  thumbup.gif
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Awang Adek was merely the messenger. The report was prepared by BNM for which Zeti Akhtar Aziz is the governor, and has likely been briefed quite thoroughly too. If they will call Awang Adek stupid, the implication is that whoever prepared the report is stupid. Ergo, Zeti Akhtar Aziz is the governor of stupid. Global Finance named her as one of the top best bankers in the world, which must mean that magazine prints rubbish. A Bloomberg columnist has suggested her as a candidate to head the IMF, which also means they are a crappy new agency. But wait, aren't they happy that Bloomberg has given them international spotlight?

These GMS folks make me rclxub.gif
arubin
post Oct 31 2012, 11:00 PM

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QUOTE(anudora @ Oct 31 2012, 10:30 PM)
Actually I think now everyone including the consultants and investors know that Genneva is a scam. The investors just want to keep the topic hot so that they could get attention of the politician to achieve their ultimate objective of "BAILING THEM OUT using TAXPAYER'S money!"
That is why they set up FB page.....bla bla bla...........to gain the people attentions while at the same time directing the attention of investors to BNM.
I donno what make this issue so special that gather so much attention. There are many other issue out there that also required attention. Looking at the progress, GMS (either management, investors or consultants) is doing a very good job.
I was waiting for this Genneva thing to die out like every other scam issue out there! Their money are gone with the wind.
The hot issue of the GMS even encourage the Bestino investors (3 years old issue!!!) to come up with something to get the government attention.
If the government decide to bail the thousands investor, then there will be millions people that are against it. Just hope that the government is not so stupid to do such a thing.
(I deliberately say they are investors cuz I don't want to involve in the silly word game. They can choose denial but the truth is they are investors.)
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Erm, I don't think so. If you want a bailout, you have to do it quietly without attracting public attention. You don't actually want the public to know because they will object to it. If this was their objective, they would have done without making a public fuss.
arubin
post Oct 31 2012, 11:07 PM

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QUOTE(debbierowe @ Oct 31 2012, 11:05 PM)
eh... no la, if u want to bail out u need to vote in parliament. like US pass the bill.
so sure evryone will know.
JIb Gor cannot curi curi go to house to house climb down to the chimney and put the bail out $ in the sock when every Gennevarians sleeping one...
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Anyway, its not like they asking for it also. So far, it seems like they are very confident in Genneva and just want business as usual.
arubin
post Nov 1 2012, 08:26 AM

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Hmm, someone is censoring posts on the Neutral page as well. So much for no censorship...
arubin
post Nov 1 2012, 08:36 AM

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QUOTE(prophetjul @ Nov 1 2012, 08:30 AM)
Mod said the original posters are deleting themselves.......
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I am fairly certain I did not delete my own posts which means the mod did it.Whoever is behind that page, they are still shaping its direction towards being supportive of Genneva. Well, its victims at any rate. I tried to poke some fun at Andrew. Those got deleted.
arubin
post Nov 1 2012, 10:16 AM

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QUOTE(gogo2 @ Nov 1 2012, 08:39 AM)
My take on Andrew is he is not normal. No wonder he joined Genneva. I'll never associate myself with a person like Andrew. I don't know what is he trying to achieve by spamming photo which has little relationship with the ponzi scheme that he trying to sell to victim of Genneva.  rclxub.gif
This one is brainwashed to the max. Anyway, poof goes any support I might have for the Neutral page.

One of the pics he posted was one of those 'motivational posters'. It was a picture of some slum shantytown in Mumbai with the caption 'CAPITALISM - Making people rich since 1960'. I shot him back, pointing out that it is very hypocritical for him to complain about capitalism when it is what made him wealthy enough to buy gold compared to those slum dwellers. He either deleted the pic or the mod did. Guess someone doesn't like their flaws to be pointed out. laugh.gif

Oh, and I posted this up in response to Andrew's little flood of pics.
user posted image
It got deleted. vmad.gif So much for no censorship. yawn.gif
arubin
post Nov 1 2012, 10:26 AM

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QUOTE(gogo2 @ Nov 1 2012, 10:22 AM)
OMG, this is so motivational. Imma gonna hang it on the wall of my office.  rclxms.gif
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I also put this up.

user posted image
Since they are all complaining about their financial problems due to lack of heebah. Oh, boo hoo. cry.gif

This post has been edited by arubin: Nov 1 2012, 10:27 AM
arubin
post Nov 1 2012, 11:57 AM

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QUOTE(gogo2 @ Nov 1 2012, 11:44 AM)
If I read that correctly, RM10 billion go into Genneva. Only RM4 billion accounted for. Means 40% still can be return to customer.
Better than Swisscash. Probably due to underlying asset (gold) increase in price.
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If you clawback the gold from people like Pat Lu and Shereen, and than deny compensation to the consultants, I think they victims might be able to get rather more than 40% back.
arubin
post Nov 1 2012, 02:58 PM

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QUOTE(gogo2 @ Nov 1 2012, 02:02 PM)
Wow, RPK turn Genneva issue into racist issue:-
http://www.malaysia-today.net/mtcolumns/no...a-good-strategy
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Actually, if anything, it seems that RPK is hammering home a point that I had made earlier about the GMS folks.

These people have cheap political allegiances. They are trying to make the issue political. They are accusing BNM and the BN govt of corruption and threatening to vote for PR. However, they have also offered to vote for BN if the issue is resolved quickly in their favor.

In other words, these people are only interested in $$$. They don't care about the country and all that talk about corruption is just to distract people from their own greed.

I am a little unhappy that he has focused on the Chinese though, but the reality is that most of the Genneva investors are Chinese and the most deluded of the consultants who are making the most noise are also Chinese. There are a few Indians and Malays (Sani) active on GMS but its Pat, Shereen, Andrew, Horace & a few others who seem to be the loudest.

So I can't argue with RPK there...he is, technically, correct...as he tends to be...

This post has been edited by arubin: Nov 1 2012, 02:59 PM

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