Problems with Genneva Payout

Dividends Warrior

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This statement is correct.
VGMC is the next to fall. It's modus operandi is simply unsustainable, just like Genneva.

And there's one more to be careful of: indexGB

I simply cannot understand why many are still falling for such scams and ponzi

Greed. Human Greed. :(
 

casper86

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You were warned.

You were warned in 2010.

You were warned in 2011.

You were warned in 2012.

I can't shout STOP any more.

But you can.

Well, I guessed a lot of ppl invested also knows this cannot run forever and is buying time. I've been introduced to it but I didn't join.

Those who invest at least 1 1/2 ago are in profit. Only those who join later suffers. Doesn't this sounds like the subprime crisis? But it it goes 5-10yrs, aint you losing out on that 5-10yrs worth of gain.

What I want to say here is, always be sure what you are doing, know your limit, know the risk and return and judge for yourself if it is worth it. Also, always diversify.
 

halocast

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My agent told me not to make police report...

Or else if the company closed down, my monies will sure cannot get back...

if u feel that it is risky.. u shld get out immediately.
why are u still waiting? doesn't make sense.

:s11:

or are u out already?

police report? why are u even listening to the agent, since u already feel something is wrong. u got every right to pull out and make the report.
 

Panzerf

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ponzi scheme sibei song. Every time repackaged into new name. Law should change to mandatory death sentence instead of just jail and fine.
 

GaoProsper

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Hi,
Cashflow is the blood of any companies. So if 2% payout is delayed is quite serious. And probably they will introduce some funny policies to stop massive sellback and probably your buyback date is also not guaranteed anymore.

My guess is their super leverage speculation lost quite alot of money and guessed gold holdings probably requires a payout of $200+- millions per month based on 2% to customers. But again, this shouldn't result in a sudden collapse as their gold holdings is quite significant.

Those who borrow to invest in this, i am sorry to say that you can't get back the cash on time if you need it to pay principal. :o

For their agent, probably may lose their jobs, friends and trust or probably switch to another similar companies.
 
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cookcpu

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Greed. Human Greed. :(

You be surprise that all walk of life are involved from student to professional trader to millionaire etc....due to greed.

Here in this thread there are still poster to try to promote this kind of investment and saying how sound an investment they are.

We cannot doing anything about it in the internet as those involved in this kind of investment will not listen to others. Either they have vested interest or they are blind by greed. IMHO.
 

makav31i

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Sell at open market?

I buy that piece of Gold for $9,408 on 14 June...
I get $192 on my first month - 15 July..

If I sell on open market, UOB only buying at $6,487!
Pawn shop should be also buying at about that prices...

I am at a lost now...

Good luck wanting to try to sell to UOB because they only buy back gold that they sell which have a special seal. Mind showing the pictures of the gold that you sell?

Actually you should have known from the start and there are many warning sign and advice given by people warning about such scheme. You brought this upon yourself.
 

SuperHunk3488

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Good luck wanting to try to sell to UOB because they only buy back gold that they sell which have a special seal. Mind showing the pictures of the gold that you sell?

Actually you should have known from the start and there are many warning sign and advice given by people warning about such scheme. You brought this upon yourself.

Well.. I guess we should really find some good solutions for people here who crying for help. When come to such scheme, those who involved dun expect it to turn out this way... But we as outsider we know is just like a bubble with lots of input but slowly cut down on the output...:s12:
 

sars8888

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This statement is correct.
VGMC is the next to fall. It's modus operandi is simply unsustainable, just like Genneva.

And there's one more to be careful of: indexGB

I simply cannot understand why many are still falling for such scams and ponzi

One simple word "GREED":s13::s13::s13:
 

makav31i

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Well.. I guess we should really find some good solutions for people here who crying for help. When come to such scheme, those who involved dun expect it to turn out this way... But we as outsider we know is just like a bubble with lots of input but slowly cut down on the output...:s12:

As much as I want to help,I can't help people who are determined to invest in this scheme. Don't get me wrong, I have family members and friends who invested in this and have been encouraging and asking me to join them. For their sake and for the sake of all the people that are invested in the scheme, I really pray that the scheme manage to stay on for as long as possible. I still remember before the 2008 crisis, a guy called Peter Schiff was warning people of the bubble in the morgage and property market in America and what did all the other so called financial advisor who called him lunatic and crazy that there are no bubble in the morgage market. That's why I asked for a picture of the gold that they sell to see if it is one of the recognised gold bar in the London Bullion Market Association good delivery bar or not. If it is not but if the gold bar is not recognisable, at least can take the gold bar to the Singapore Assay Office to test for the purity of the bar and to have the gold assyed. If the gold is marked as 999 pure but if the SAO assayed the result come out much lower or not a real gold bar,at least can have a legal case that you are being sold a fake gold bar with a marking that it is 999. Other than that, please consult your own legal and financial advisor as I am not qualified to give any form of legal or investment advice.
 

SuperHunk3488

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SOS

As much as I want to help,I can't help people who are determined to invest in this scheme. Don't get me wrong, I have family members and friends who invested in this and have been encouraging and asking me to join them. For their sake and for the sake of all the people that are invested in the scheme, I really pray that the scheme manage to stay on for as long as possible. I still remember before the 2008 crisis, a guy called Peter Schiff was warning people of the bubble in the morgage and property market in America and what did all the other so called financial advisor who called him lunatic and crazy that there are no bubble in the morgage market. That's why I asked for a picture of the gold that they sell to see if it is one of the recognised gold bar in the London Bullion Market Association good delivery bar or not. If it is not but if the gold bar is not recognisable, at least can take the gold bar to the Singapore Assay Office to test for the purity of the bar and to have the gold assyed. If the gold is marked as 999 pure but if the SAO assayed the result come out much lower or not a real gold bar,at least can have a legal case that you are being sold a fake gold bar with a marking that it is 999. Other than that, please consult your own legal and financial advisor as I am not qualified to give any form of legal or investment advice.

One of my mum's friend is in deep trouble now, she brought 3kg from Genneva and each kg she brought cost about 95K (total abt 285K). Now she really in needs of money cause she borrow and loan money from friends and banks. She used to collect her so called discount from genneva to pay off some of her intrests but ever since last month they stop paying her. The gold bar she is holding is worth 150K if she gonna pawn it.

She offer to sell to my mum at 80K per kg!!! But I stop my mum from it...
Anybody got any solution for legal advice pls share...:s12:
 

FP_IFA

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One of my mum's friend is in deep trouble now, she brought 3kg from Genneva and each kg she brought cost about 95K (total abt 285K). Now she really in needs of money cause she borrow and loan money from friends and banks. She used to collect her so called discount from genneva to pay off some of her intrests but ever since last month they stop paying her. The gold bar she is holding is worth 150K if she gonna pawn it.

She offer to sell to my mum at 80K per kg!!! But I stop my mum from it...
Anybody got any solution for legal advice pls share...:s12:

From what I heard, people first buy the gold at a premium, then after getting the gold, go to a pawn shop and pawn it to get money to buy more. This is how greed destroy people.
 

Majestic12

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From what I heard, people first buy the gold at a premium, then after getting the gold, go to a pawn shop and pawn it to get money to buy more. This is how greed destroy people.

This sounds incredibly stupid. Dear God. It is akin to a trader leveraging massively on his positions!
 

Majestic12

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One of my mum's friend is in deep trouble now, she brought 3kg from Genneva and each kg she brought cost about 95K (total abt 285K). Now she really in needs of money cause she borrow and loan money from friends and banks. She used to collect her so called discount from genneva to pay off some of her intrests but ever since last month they stop paying her. The gold bar she is holding is worth 150K if she gonna pawn it.

She offer to sell to my mum at 80K per kg!!! But I stop my mum from it...
Anybody got any solution for legal advice pls share...:s12:

Make sure it's true bullion. Having your mother offer $40k is not a bad idea.
 

SuperHunk3488

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If any Genneva Singapore customer who does not believe the severity of the situation, PLEASE PLEASE proceed to initiate a Sell Back upon your due date!!!

Loads of customers and agents are making a big fuss at Genneva's office every single day!!! Go witness it with your own eyes and pray they don't close down soon.

We still have time to take actions against Genneva Singapore. Join us before it's too late!!!

Sorry... you mean they allow their customers to sell back to them now?:s12:
 

makav31i

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One of my mum's friend is in deep trouble now, she brought 3kg from Genneva and each kg she brought cost about 95K (total abt 285K). Now she really in needs of money cause she borrow and loan money from friends and banks. She used to collect her so called discount from genneva to pay off some of her intrests but ever since last month they stop paying her. The gold bar she is holding is worth 150K if she gonna pawn it.

She offer to sell to my mum at 80K per kg!!! But I stop my mum from it...
Anybody got any solution for legal advice pls share...:s12:

80k for a kilo coin?look here how much UOB selling with GST.

https://uniservices1.uobgroup.com/s...This=true&TB_iframe=true&width=560&height=400
 

makav31i

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I dun mind come out $40k for 1kg of real gold bar...
But how can we know is real? pls advice. thanks.:s12:

Post a picture of the gold and I will tell you if the bar is recognised or not. If you really want to find out the purity,head down to a pawnshop and see if they are willing to buy. If not can go to Singapors Assay Office to do test.

Welcome to Singapore Assay Office

Please post a picture of the gold bar especially the hallmark.
 
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