Problems with Genneva Payout

[blablablah]

Given that they are not regulated by MAS and so no need follow MAS regulations for financial institutions.

So, that means they can anyhow "suka-suka" solicit money and cheat ppl here in our so-called "fine" country? Then, after enough liao or cannot pay, just pack the luggage and run in the midnight? I am a layman, but is that possible in Singapore?

If like that, everyone also can run Ponzi scheme and con ppl rite? Since, no regulations imposed on them?

Thanks for sharing your insights

 

[blablablah]

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...

David, how is your situation right now? Have you parked-in your gold for 3 days? Have you got back your gold and delayed discount payment?

 

[transform]

David, how is your situation right now? Have you parked-in your gold for 3 days? Have you got back your gold and delayed discount payment?

1. Thinking of renewal. Even they payout for now. But the problem is how long can they sustain ?
2. Pawn off now confirm lost 30%.
3. Take the rescue plan ? May loss even more.

 

[climber99]

So, that means they can anyhow "suka-suka" solicit money and cheat ppl here in our so-called "fine" country? Then, after enough liao or cannot pay, just pack the luggage and run in the midnight? I am a layman, but is that possible in Singapore?

If like that, everyone also can run Ponzi scheme and con ppl rite? Since, no regulations imposed on them?

Thanks for sharing your insights

Thats why I am asking what are the rules that they fall under now, given their status. We only know they not under MAS rules ma. So what rules are they under?

Your emotions can't help the affected ppl. Only by sharing concrete facts then we can show them the options available for them.

 

[climber99]

1. Thinking of renewal. Even they payout for now. But the problem is how long can they sustain ?
2. Pawn off now confirm lost 30%.
3. Take the rescue plan ? May loss even more.

Is your agent also a customer? If he is, then he has vested interest as well. So can also ask what he is doing lor.

But then again, if he is a new recruit then he may not be "high" enough in the hierarchy to know perhaps?

 

[jackong78]

David, how is your situation right now? Have you parked-in your gold for 3 days? Have you got back your gold and delayed discount payment?

Good day, I have parked gold for 3 days but got back on around 5th day due to a contractual error that made on the invoice. (or so they say.) The gold that came back is a different set of Gold but still pamp suisse. Some micro dot and some are not. So far only got the July discount but not Aug due to some reason again. My personal view is this:
Bottom line: Their funds are depleting.
To stablize, they need fresh funds but that is now being hindered due to media exposure and word of mouth of people spreading the word like wildfire.
Gold price goes up: The rate that price is going up is not able to meet the hole that is growing bigger by the day.
More obstacles will and are sufacing is police called and legal threat against them not fulfilling the contract.

I think we have to be prepared for the worst that we have to suffer loss after lessing the discount. Personally, i am not comfortable to put my gold with them, even for an hour, as this drags on.

 

[SuperHunk3488]

Your Choice...

Good day, I have parked gold for 3 days but got back on around 5th day due to a contractual error that made on the invoice. (or so they say.) The gold that came back is a different set of Gold but still pamp suisse. Some micro dot and some are not. So far only got the July discount but not Aug due to some reason again. My personal view is this:
Bottom line: Their funds are depleting.
To stablize, they need fresh funds but that is now being hindered due to media exposure and word of mouth of people spreading the word like wildfire.
Gold price goes up: The rate that price is going up is not able to meet the hole that is growing bigger by the day.
More obstacles will and are sufacing is police called and legal threat against them not fulfilling the contract.

I think we have to be prepared for the worst that we have to suffer loss after lessing the discount. Personally, i am not comfortable to put my gold with them, even for an hour, as this drags on.

For your info... a lot of people in genneva(from customers,agent to leaders) STILL hoping to get their comm this month.. my mom's friend is one of them.. her profile is more than 15kg(permier member) + (SKR)
anyway in her upline still have outstanding of 4million comm + discount to take back this week...

Her upline told her that the delay of comm started few months back... is just that those GMC/AGMC(top people) covered up but use their own money or comm to pay all their customers 1st until they(GMC/AGMC) themself cannot "tahan"!!!

at the mean them... just keep YOUR GOLD!!!

 

[transform]

For your info... a lot of people in genneva(from customers,agent to leaders) STILL hoping to get their comm this month.. my mom's friend is one of them.. her profile is more than 15kg(permier member) + (SKR)
anyway in her upline still have outstanding of 4million comm + discount to take back this week...

Her upline told her that the delay of comm started few months back... is just that those GMC/AGMC(top people) covered up but use their own money or comm to pay all their customers 1st until they(GMC/AGMC) themself cannot "tahan"!!!

at the mean them... just keep YOUR GOLD!!!

In this case Genneva delay the agent's comm for a few months that should work out to more than $10 million. where still got the heart to pull in new contracts.

 

[jackong78]

In this case Genneva delay the agent's comm for a few months that should work out to more than $10 million. where still got the heart to pull in new contracts.

Seems like the GM of Singapore started MIA yesterday already...

 

[Dividends Warrior]

Very soon, this will be all over the newspapers.

 

[Lover_Handphone]

Bao Jing Trading bites the gold dust

In case we have forgotten. Bao Jing Trading in Rochor Centre went bust in Sept last year. This is the newpaper report:

Gold bar scheme: 120 fear they may lose $40m
==============================
Author:Kimberly Spykerman & Cheryl Ong

2/9/2011 A FIRM is at the centre of a police investigation after a customer claimed to have lost $300,000 which was invested in gold bars.

Bao Jing Trading is believed to be having cashflow problems, and there are fears that about 120 investors could lose up to $40 million.

At least two more police reports have been made against the company, based in the Rochor Centre, The Straits Times understands.

But many investors are afraid to approach the authorities for fear the firm will not give them their money back, according to one alleged victim.

Bao Jing - which is not licensed or regulated by the Monetary Authority of Singapore - pitched its gold trading scheme as a way to help customers cash in on the rocketing price of the precious metal, which tends to rise in value during periods of slow economic growth.

Investors were promised monthly returns of between 1.5 per cent and 3 per cent, said a report by Shin Min Daily News. But if they left the bars with the company, they could get between 7 per cent and 10 per cent, the newspaper added.

The customers realised something was wrong when the firm failed to pay the promised returns.

A 70-year-old woman, who wanted to be known only as Madam Yen, told The Straits Times that she had lost more than $200,000 after being introduced to the company by a friend.

She said that when she made a trip to its office, the boss told her he would not give her back the cash if she went to the police. 'I'm heartbroken... this money is more than half my retirement savings,' she said in Mandarin.

In desperation, she and about 20 other investors decided to confront the company's owners on Monday, gathering outside the office's glass doors to ask for their money back. The owners failed to show up and the office has been empty since.

Bao Jing is run by Malaysians Lee Chee Woi, a permanent resident, and Cheong Kok Heng, according to records held by the Accounting and Corporate Regulatory Authority.

Mr Lee registered his company at a local address, in an HDB flat in Jurong East.

But when The Straits Times paid a visit, it turned out to be occupied by a family who denied any links with the firm.

A 38-year-old man in the flat, who wanted to be known only as Mr Pang, said Mr Lee lives in Malaysia but uses his Singapore address to receive mail.

'We're ex-colleagues,' he said. 'All his letters come under my address but I pass them to another colleague of mine who is an acquaintance we both know. I think it's a misunderstanding. All along, his company has been doing well. He won't do this sort of thing.'

Shin Min also reported yesterday that Mr Cheong was once arrested in Malaysia for money-laundering offences.

kimspyke@sph.com.sg

ongyiern@sph.com.sg​

 

[Lucy1324]

Seems like the GM of Singapore started MIA yesterday already...

All vampires that sucks other people's blood are scare of the daylight.

They will go into hiding when the law come to them...

BTW, maybe that GM went for a holiday or went to KL for meeting?

 

[Lucy1324]

In case we have forgotten. Bao Jing Trading in Rochor Centre went bust in Sept last year. This is the newpaper report:

Gold bar scheme: 120 fear they may lose $40m
==============================
Author:Kimberly Spykerman & Cheryl Ong

....

Shin Min also reported yesterday that Mr Cheong was once arrested in Malaysia for money-laundering offences.

kimspyke@sph.com.sg

ongyiern@sph.com.sg[/LEFT]

Refer to Martin Lee's blog..

The Gold Guarantee in the News

One of The Gold Gaurantee management team had confirmed that the company had received a warning letter from MAS.

Will Lee Song Teck be the first Singaporean to be arrested for money laundering?

 

[sarcomere]

Hi, just to clarify with those members doubting me, I am not an agent from any other gold company. I have already met up with a few members of HWZ and disscussed with them how I left genneva and the mechanisms on how this gold platform and industry works. Furthermore, before meeting with all these members in HWZ I have requested them to bring their genneva invoice to proof that they are indeed clients of genneva. Similarly, I will do the same as well, to show the HWZ members my genneva invoice and NRIC to verify. I have already met too many agents claiming as clients from genneva for too many times!!!

 

[ErREMF]

Does anyone get a receipt from the gold company or your agent when they collect the gold bars for renewal and data dotting?

 

[Lucy1324]

Hi, just to clarify with those members doubting me, I am not an agent from any other gold company. I have already met up with a few members of HWZ and disscussed with them how I left genneva and the mechanisms on how this gold platform and industry works. Furthermore, before meeting with all these members in HWZ I have requested them to bring their genneva invoice to proof that they are indeed clients of genneva. Similarly, I will do the same as well, to show the HWZ members my genneva invoice and NRIC to verify. I have already met too many agents claiming as clients from genneva for too many times!!!

There are many agents out there, not only from Genneva...

Since you no longer with Genneva, why are you still using your own precious time to meet up with any Genneva clients?

Because you are still wasting and spending your time to meet up with clients in Genneva ( why only Genneva? ) if you just want to discuss about the mechanism of how this Gold Ponzi Industry works?

So it is really hard not to believe that you are not an agent from other Gold Companies...

If you just want to share about the mechanism, you can always post it here or refer to some previous posts in this forum or other forums...

Probably you can start with sharing your views and the mechanism here... No need to meet up or show Invoice...

 

[PeacefulNemesis]

One thing i don't understand. Why are these companies allowed to carry on biz? Why does MAS just put them on alert list instead of taking actions on them? From what I read in the MTI webpage, the MLMs which operates mainly on the recruitment of members (ie, the pure ponzi scams) are illegal isn't it? Even those agents or anyone involved are liable to be charged! So why isn't our authority doing anything to shut them down instead of just blacklisting them???

Under the Act, all persons who participate in multi-level marketing or pyramid selling would commit an offence. This is because the participants would have played an active but destructive role of attracting others into the scheme. We believe that this is the best way to deter the potential promoters of such schemes.

Multi-level Marketing and Pyramid Selling

 

[transform]

Hi, just to clarify with those members doubting me, I am not an agent from any other gold company. I have already met up with a few members of HWZ and disscussed with them how I left genneva and the mechanisms on how this gold platform and industry works. Furthermore, before meeting with all these members in HWZ I have requested them to bring their genneva invoice to proof that they are indeed clients of genneva. Similarly, I will do the same as well, to show the HWZ members my genneva invoice and NRIC to verify. I have already met too many agents claiming as clients from genneva for too many times!!!

Hi sarcomere
Actually what is your rational of meeting those people ? Mind to share ?

 

[sarcomere]

To be frank, after reading all these post for so long, there are none of you understanding the real mechanisms of this gold platform. I'm just meeting existing genneva clients/victims and sharing with them how to take advantage of this system and get back their money.

 

[Lover_Handphone]

To be frank, after reading all these post for so long, there are none of you understanding the real mechanisms of this gold platform. I'm just meeting existing genneva clients/victims and sharing with them how to take advantage of this system and get back their money.

In that case pls post your tactic here for all to see. I am sure many will thank you for your effort.