[moejoseph]

Hi!

I came across this online, it's a type of gold investment. Basically how it works is i'll have to buy gold for an amount and every month i will earn 2 percent of what i had invested.

An example would be according to the gold price this month it is 72sgd per gram. I will have to purchase a minimum of 100 grams and it will cost 7200sgd.

After the first month, i will get 2 percent which is 144sgd and in 3 months you will get a total of 432sgd. After the 3 month i can choose to continue or sell back the gold at the same price of what i paid for in the first month.

If let say after 1 month the gold price increase to 72.5sgd, now i will have to top up additional cash of 50sgd as the previous gold i bought was only 7200sgd. I'll still receive the 2 percent.

Again after 30 days i will get back another 2% of money based on the new gold price of 7250sgd which is 145sgd and a rebalance is done once more. Now i have one last payout to go but let say during the last rebalance the gold price drops back to 72sgd again. Now the remaining 50sgd will be return back to me and i'll get 2% of 7200sgd which is 144sgd.

When i choose not to continue, i can tell the agent if to sell back the gold and get back the amount of 7200sgd which you had paid for that month.

The company is Genneva and their link is as below:

http://www.genneva.com.sg/

Anyone tried it before and is it true? Any opinion from brothers out there? Thanks!

[Shiny Things]

Genneva's either a scam or it's run by idiots. Previous thread is right over here.

[Forever84]

well 24% can be a reasonable rate of returns.

but
let me break down what the person said to you.

you buy gold from me.
and i pay you an interest of 2% per month.
3 months that 6%

lets assume you bought at 70sgd after 3 months its now at maybe 75sgd
and you pay an extra $500?
i be generous and give you the 6% at the rate of 75sgd
so it works out to be $450 after 3 months
You sell back after this 3 months at $7200.
you investment loss is now negative $50 plus the opportunity and risk undertaken for this investment.

EVEN SO
i have absolutely no idea how they make money.
since i assume the salesman needs a cut, the office requires rental and their combined directors of 60 years experience requires a salary too.

it is really weird because they say they deliver physical gold to u?
but i think they are using ur money to invest in the gold market while passing the risk to you.

if u think carefully about it there is a possible way that they can money. but i don't have enough details to speculate.

[stellamara]

omg jus saw hte malaysian side directors being charged with anti money laundering.

i dunno is singapore branch still safe.

http://thestar.com.my/news/story.asp...157&sec=courts

[hengzzz]

Ng Poh Weng, Marcus Yee Yuen Seng, Liew Chee Wah and Chin Wai Leong, the directors of Genneva Sdn. Bhd. were charged at Kuala Lumpur Sessions Court for an offence under Section 4(1) of the Anti-Money Laundering and Anti-Terrorism Financing Act 2001 (AMLATFA).

Mention date was set on 16 November 2010.

source:
http://www.bnm.gov.my/microsites/fra...301_status.htm

[redstone]

hengzzz wrote:

A newspaper article with regards to investing in gold


A golden investment that sounds too good to be true
Mon, Jul 13, 2009
The Star/Asia News Network

WHEN times are volatile and the economic cycle erratic, investors often turn to gold as a safe investment.

However, unscrupulous companies have now come up with very attractive ways to market gold in the form of coins or bars.

What makes this type of investment attractive or seem safe is not just the returns but the fact that investors are holding on to gold.

Agents for this type of investment would point out that if or should the company go belly-up, the investors would still have their gold coins or bars in hand.

According to a source familiar with such schemes, the gold that was offered to investors was usually lower in value than claimed. He said most goldsmiths would not buy this gold as the purity of the metal was in question.

source:
http://business.asiaone.com/Business...13-154348.html

As refered above, most goldsmiths would not buy this gold from agents for this type of investment should the company go belly-up. Furthermore, the gold that was offered to investors was usually lower in value than claimed.




1 such example is Genneva Sdn Bhd ( Gold investment scheme company)

hengzzz wrote:

Friday October 15, 2010
Four hit with 796 charges

KUALA LUMPUR: Three directors and a former director of a gold invest*ment scheme company have pleaded not guilty to 796 money laundering charges involving millions of ringgit.

The directors of Genneva Sdn Bhd – Ng Poh Weng, 60, face 263 charges involving RM185mil while Marcus Yee Yuen Seng, 58, faces 234 charges amounting to RM153mil and Chin Wai Leong, 34, face 210 charges involving RM212mil.

Source:
http://thestar.com.my/news/story.asp...157&sec=courts

[TanAhKhow]

hengzzz wrote:

How is the S'pore branch?

Is it still operating.

Anyway, what will happen to some EDWMers who invested in Genneva Gold listed below.


Another Gold Investment Scheme?


Looking for Genneva gold singapore associate


Looking for Genneva gold singapore associate
Looking for Genneva gold singapore associate

1 of them is an EX-NSF of CID via e-mail

http://www.facebook.com/album.php?ai...8&id=837580182

http://www.facebook.com/photos.php?i...7&id=837580182

[dustychelsea]

receive a cross for Compliance Rating for Annual Filing to ACRA
https://www.psi.gov.sg/NASApp/tmf/TM...&searchBy=name










source:
http://www.genneva.com.cn/gsjj.asp

[dustychelsea]

InPhinity wrote:

Genneva sells gold in 100g, 500g and 1kg bullion. It guarantees buyers a return of at least 2 per cent. -- ST PHOTO: DESMOND FOO

A MALAYSIAN gold dealer operating in Orchard Towers is attracting plenty of investors - and some online scrutiny - thanks to the generous terms it offers.

The firm, called Genneva, has an unusual business plan: It sells gold at a 2 per cent discount to the prevailing market price, with a guarantee to buy it back 30 or 90 days later.

sauce: http://www.straitstimes.com/Breaking...ry_617541.html

Has the company's license been suspend or revoke??



In addition, an ex-NPCO had offical lodged a police report to CAD.



Furthermore, here is an update of Genneva Sdn Bhd with regard to AMLATFA case

[aldray]

Hi,

I don't think it is right to say the company is a scam or to speculate things which are not truth. Genneva has brick & mortar and Gold factories in Malaysia. Please do some proper research before giving constructive comments.

Watch the recent interview from 1 of the Director on 10th DEC. http://www.youtube.com/watch?v=-HCPIaVCeCs

Take a look at this blog, http://gennevagold.wordpress.com/. Don't you see who are the Guests? Prime Minister Najib, Dr Mahathir, Ahmad Khairuddin (relationship officer with Saudi Arabia) and Sultan of Malaysia.

The company has survived for 3 years and has so far never heard of any complains for not paying their customer. I am also buying from them for quite a number of months, so far have been quite positive. How true are NEWS? It just prevents people from an opportunity by saying negative remarks.

Whatever investment you do has an element called "risk". It is how you manage your own risk and $. The risk will be when the company goes down, and the $ lost difference will be the price above gold valuation you paid and % difference for selling to pawn/gold shop. I calculated that to be around 25%+ if you were to immediately sell it. However, you can also choose to keep it if you have holding power assuming the worst happen.

If you don't invest in it, you got nothing to loss. Those who have invested, are laughing at those who didn't. Time will tell.

Conclusion:
1) Learn not to put everything into the same basket.
2) Please do proper research and not be an itchy ears just to listen to other people's speculative comments
3) Every investment has its own element of risk involved, you need to find this out. Each person has a different risk appetite. Some can take higher risk, some can take slight risk whereas other cannot take any risk (please put in milo tin then, but also your paper $ will suffer from inflation).

[dustychelsea]

aldray wrote:

Hi,

I don't think it is right to say the company is a scam or to speculate things which are not truth. Genneva has brick & mortar and Gold factories in Malaysia. Please do some proper research before giving constructive comments.

taken from newspaper report.

Friday October 15, 2010
Four hit with 796 charges

KUALA LUMPUR: Three directors and a former director of a gold invest*ment scheme company have pleaded not guilty to 796 money laundering charges involving millions of ringgit.
The directors of Genneva Sdn Bhd – Ng Poh Weng, 60, face 263 charges involving RM185mil while Marcus Yee Yuen Seng, 58, faces 234 charges amounting to RM153mil and Chin Wai Leong, 34, face 210 charges involving RM212mil.


source:
http://thestar.com.my/news/story.asp...157&sec=courts

In addition, a trial has been fixed next year april 2011 as refer in the image below.

source: http://www.bnm.gov.my/microsites/fra...301_status.htm

[junlove]

Just go study in depth how Geneva earns their profits. Dun give advice based on the fact that you've earned some bucks from it. MLM also is legal, but once u study their business model u'll realise it's just a ponzi spin off model.

The model will benefit people who invested early, and the profits are real yeah, but if and only if gold prices starts to dip, or the pyramid tier cannot grow and pple cashes out, the company will be in serious cash flow problems.

The profits are real, but be prepared to lose them too if the company folds, or if really involved in laundering money. Caveat: "IF"

[aldray]

junlove wrote:

Just go study in depth how Geneva earns their profits. Dun give advice based on the fact that you've earned some bucks from it. MLM also is legal, but once u study their business model u'll realise it's just a ponzi spin off model.

The model will benefit people who invested early, and the profits are real yeah, but if and only if gold prices starts to dip, or the pyramid tier cannot grow and pple cashes out, the company will be in serious cash flow problems.

The profits are real, but be prepared to lose them too if the company folds, or if really involved in laundering money. Caveat: "IF"

Hi junlove, I am only sharing from my viewpoint. If you are have a difference viewpoint or have better opinion, do enlighten.

When you mean study in depth, do enlighten me what is your depth of the information? Where does your source originated when you mean depth.

[zonetechs]

look like similar story to me as someone approach me whether I interested in this investment at Phillip Securities Pte Ltd branch in raffles city sometime back during a seminar.

It look to me that he is trying to sell me this product like common saleman using the seminar as a opportunity to market this.

To be on the safe side, i reject his offer and he then proceed to find his next potential target
"Beware there is no free lunch in this world.
Greedy is the main cause of failure and can be a great tool to trap prey"

Just share my personal view and information on this incident encounter after the seminar.

[stellamara]

i tot MAS has jus issued a warning?