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GENNEVA Pte Ltd - Gold Bullion Trading Company

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Old 09-07-2010, 10:15 PM   #16
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nothing new. singapore authorities are lazy haha :x
totally agree with u.
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Old 10-07-2010, 11:02 PM   #17
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actually if u understand how commodities companies make their money, you'll understand it's not a scam. It's about properly hedging and controlling risks so that things do not go out of wack.
No "commodities company" makes money by borrowing from the general public at 24% pa. The last company that tried that business model isn't too popular right now.

Let's do a quick sanity check on this. With this sell-back option, Genneva are borrowing money from you (secured by the gold), and they're paying 2% a month - 24% a year - to do it. If they went to a bank, they'd pay a lot, lot less than 24%. (They'd pay less than 24% if they funded the business from their credit cards.)

Either Genneva's a scam, or it's run by idiots.
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Old 11-07-2010, 10:49 AM   #18
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Cool


MLM act to be reviewed
Fri, Oct 03, 2008
my paper
Mr Seah Seng Choon, executive director of Case, told my paper: 'Over the
last three to five years, we have seen more MLM schemes with investment structures and claims of very high returns of 20 to 30 per cent. This is a concern.'

As a result, new investment structures in MLM schemes like wine investments are not sufficiently addressed.

They are not regulated by the Monetary Authority of Singapore and do not fall under the ambit of the MLM Act.

He hopes the review can address such grey areas.
Source : http://www.asiaone.com/Business/News...003-91330.html



Recently, S'pore investors had been hit by profitable group ,UAG, AWM, red island cafe and etc.


Remember the swisscash incident?




Last edited by TanAhKhow; 11-07-2010 at 09:21 PM..
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Old 11-07-2010, 10:58 AM   #19
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Thumbs down

somebody i know invested a few thousands with a company

in return he get a few sliver coins as collateral and monthly interest return


few years ago my parents fell so a similar trap involving 99.9% pure gold bars ....

so now this thing pop out so familiar .... highly possible is ponzi scam right ?

he said that company need cash to IPO and blah blah blah
but from what I see, there is no sustainable income source ... so its a ponzi

its his first time investing money ... not easy to talk him out of it because he still newbie and confident in this quick cash
Maplex Investment Limited
Maplex Investment trades with precious commodities. Based in Canada, but focused on the Global Marketplace, Maplex Investment is constantly seeking out best prices for precious commodities for trade at high-demand, high-yield territories for maximum revenue. A company that is varied in its portfolio, from Gold, Silver, Copper & more. Particularly for Silver, where Maplex Investment has carved out a niche advantage and is uniquely instinctive in supply & demand areas of this precious commodity. In the modern world of investment, some old values about Silver still hold true until this day. Today, much of the world recognize Silver’s intrinsic value which is its permanence and good hold of value. From the investor’s standpoint, it is a commodity that commands a unique balance between scarcity & commercial uses, breeding room for the creation of value and ultimately profitability. Not to mention its uses for portfolio diversification, and protecting wealth against the ill-effects of inflation. For example, between 1971 and 1981, the U.S. dollar lost more than half of its value, while Silver prices rose nearly five times. Initially, used as legal tender in the U.S. before 1970, it ironically lost its role when its value overtook that of the coins’ face values.

Maplex Investment understands the value of Silver, along with other families of commodities, through its in-depth research and ever-growing transaction base. From its roots Canada, through the Americas, across to Europe and lastly, the Asian markets. Having its Asian regional office in Malaysia, MIL is poised to tap on rising demands of precious commodities in these ever-growing regions.

Looking ahead from such a rich and credible track record, Maplex Investment now looks forward to delivering great investment mechanisms and products for today’s investors worldwide.


Company : Degree 10
Source :
http://forums.hardwarezone.com.sg/sh...aplex+alliance

Wow.
Now we currently got gold & sliver coins companies.
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Old 12-07-2010, 05:35 AM   #20
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another typical ponzi or MLM modelled scheme lar..
the money is definately real, made by the first few batches of "belivers".. waiting for the time bomb where the low tier of the pyramid pay everything..
confirm can earn money when price of gold keeps going up, and more and more people subscribe to it.. but once prices fall, and pyramid base don't grow.. the company will not have enough money to buy back the gold... and whole thing will collapse... might be 1 yr, few years.. who knows..

if you knew how they work, and willingly participate in it.. well, i can just say god bless your soul. Then again, so many evil financial schemes around, all comes to human greed, knows no bounds...
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Old 12-07-2010, 10:44 AM   #21
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actually if u understand how commodities companies make their money, you'll understand it's not a scam. It's about properly hedging and controlling risks so that things do not go out of wack.

Nothing is truly risk free. But I must say that the risk/return is quite out of proportion. But a year about 24% returns is really good and i'm enjoying the returns for more than a yr already. I understand how it works although most pple do not know how money is made, that's why they say it's a scam.
So can you do everyone a favour by explaining how Genneva earns enough money to pay its investors 24%/annum? (Short of taking the money from later investors to pay earlier investors like yourself)

I'm sure everybody will be interested to know ...
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Old 18-07-2010, 11:14 PM   #22
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Bank Negara Malaysia Investigates Genneva Sdn Bhd and Etika Emas Estet Sdn Bhd

Bank Negara Malaysia has commenced investigations into Genneva Sdn Bhd and Etika Emas Estet Sdn Bhd under suspicion of conducting illegal deposit taking activities in breach of Section 25(1) Banking and Financial Institutions Act 1989 (BAFIA) and Section 4(1) of Anti-Money Laundering and Anti-Terrorism Financing Act 2001 (AMLATFA). Section 25(1) of BAFIA 1989 prohibits any person from receiving, taking, or accepting deposits without having a valid license, whereas Section 4(1) of AMLATFA 2001 prohibits any person from engaging in, or attempting to engage in, or abetting the commission of money laundering activities.

The raids on Genneva Sdn Bhd and Etika Emas Estet Sdn Bhd were conducted today at their premises in Klang Valley following information received from members of the public. Relevant assets and documents of the company were seized for the purpose of investigation.

source:
http://www.bnm.gov.my/index.php?ch=8&pg=14&ac=1874
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Old 23-07-2010, 02:46 PM   #23
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Upz for Awareness

As for some forumer's claim that this "prestigious" company don't accept walk in orders as in without an associate/trader name to peg it to...

I assure you that's total BS. My parents happen to check out their sales office and the "associates" were all over them like vultures. What does that tell you?
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Old 23-07-2010, 07:45 PM   #24
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Idiot check:
Just sell the motha f***ing goddamn gold, you get back the 24% a year.
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Old 23-07-2010, 07:51 PM   #25
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Smile

As for some forumer's claim that this "prestigious" company don't accept walk in orders as in without an associate/trader name to peg it to...

I assure you that's total BS. My parents happen to check out their sales office and the "associates" were all over them like vultures. What does that tell you?
I believe you are refering to the thread below started by mokky_123 who claimed that he/she had called the office.....don't accept walk in orders as in without an associate/trader name to peg it to...



Source :
Looking for Genneva gold singapore associate
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Old 13-08-2010, 04:57 PM   #26
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Upz for public interest
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Old 13-09-2010, 10:04 PM   #27
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I've listened to one of their agents before... They were effectively offering me 24-36% pa, and were unable to explain how the company makes money or is able to support such payouts...

No thanks.
too good to be true.

Yes it is.

And I have heard of this name before.
Please DO NOT put a single cent in it.
it seem you knew a lot.

Last edited by redstone; 13-09-2010 at 10:07 PM..
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Old 18-10-2010, 05:46 PM   #28
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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.

Former director Liew Chee Wah, 56, faces 89 charges involving RM31mil.

The company has business dealings in Singapore, Hong Kong and China,” he said, adding that the men, who were first offenders, could only afford to raise RM100,000 for bail and were willing to surrender two land grants as surety.

Wong also said failure to post bail would only result in the “death” of the three companies overseas, affecting some 2,000 clients.

Source:
http://thestar.com.my/news/story.asp...157&sec=courts
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Old 19-10-2010, 07:08 AM   #29
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Lol the last post sealed off everything
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Old 20-10-2010, 02:31 PM   #30
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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)

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
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