Problems with Genneva Payout

[optima]

Heard the parking of gold keep delaying. Has anyone parked their gold with genneva recently. did u manage to get back your gold or still stuck inside? did they honour the 5 working days or longer?

 

[gennevacomplaingroup]

Heard the parking of gold keep delaying. Has anyone parked their gold with genneva recently. did u manage to get back your gold or still stuck inside? did they honour the 5 working days or longer?

We have heard of customers having their gold delayed as long as a month! That is why we are advising Genneva customers not to return their gold for any reason back to Genneva!

 

[bendwolf]

I frankly don't understand that people know the risk and problem, yet smiling to themselves and thinking they are getting richer compared to their friends when they see the money coming in.

When the risk becomes a fact, they played victim and ignorant. Yes, the victim part is true, but that is your choice and the risk you chose.



Disclosure: I do not own any Genneva contract, neither do I intend to initiate any actions on it. I was a victim of sarcasm which my friend who had purchased Genneva Gold laughed that I am stupid not to join for an entire 30 mins car journey. He continues to claim that I am naive with my questions on Genneva's sustainability.

 

[BenLCP]

I frankly don't understand that people know the risk and problem, yet smiling to themselves and thinking they are getting richer compared to their friends when they see the money coming in.

When the risk becomes a fact, they played victim and ignorant. Yes, the victim part is true, but that is your choice and the risk you chose.



Disclosure: I do not own any Genneva contract, neither do I intend to initiate any actions on it. I was a victim of sarcasm which my friend who had purchased Genneva Gold laughed that I am stupid not to join for an entire 30 mins car journey. He continues to claim that I am naive with my questions on Genneva's sustainability.

Hi bend wolf. So sorry to hear that you have such a bad friend who is nasty and sarcastic to you. If he continues to be like that, then please don't continue that friendship.

Now I hope you will not be nasty and sarcastic to many anxious people here who wanted to make money but are in a fix now.

Learn not to be like the friend who has angered you. It will not make you a better person this way.

Cheers

 

[bendwolf]

I am not sarcastic. People know the risk and should take it in stride. I will not call them stupid nor greedy. This is just a high risk play like a penny stock.

You lose in a stock bet, do you blame the company or broker when the stock crash 30%? The next action is to cut loss.

 

[drago88]

For all those who still believe that the Genneva & AnonMe spin about how strong and healthy Genneva My is, the following news report in the My New St Times of 22-9-12 may give you an indication of how long more Genneva My can remain standing:

Email ** Print 22 September 2012 | last updated at 01:15AM
'Act against illegal gold deals'

0 comments






KUALA LUMPUR: Thirty-seven gold investment scheme firms were found to be in non-compliance with the law stipulated by Bank Negara Malaysia (BNM) and were not registered with the Companies Commission of Malaysia (SSM).
Muslim Consumers' Association of Malaysia (PPIM) secretariat director Dr Izham Nayan claimed that gold investment syndicates should be monitored more closely and acted against promptly to prevent them from taking money illegally.
"To ensure consumers do not become victims of the syndicates, PPIM urges BNM to take immediate action against the unlicensed companies.
"We hope the syndicates can be checked and the investments of depositors saved," he said yesterday.
PPIM executive officer Mohd Mustaffa Hamzah said the issue could cause extreme economic and social problems to the public.
"Bank Negara must take immediate action because it will not only cause investors to incur huge losses but will also cause economic and social problems," Mustaffa added. Bernama

 

[denisd]

people invested because their friends had been paid regularly every month for 3 years.So even those like me who did not trust this scheme earlier, had started to believe....

 

[philip827]

I am not sarcastic. People know the risk and should take it in stride. I will not call them stupid nor greedy. This is just a high risk play like a penny stock.

You lose in a stock bet, do you blame the company or broker when the stock crash 30%? The next action is to cut loss.

i agree with bendwolf, if you are ignorant and got burnt, don't complain.
i find it hilarious there are so many pages in this "complain group"

 

[Dividends Warrior]

people invested because their friends had been paid regularly every month for 3 years.So even those like me who did not trust this scheme earlier, had started to believe....

I see. For me, I do not trust people easily.

 

[mosaic1979]

people invested because their friends had been paid regularly every month for 3 years.So even those like me who did not trust this scheme earlier, had started to believe....

Geez thats how all ponzi and pyramid scams work man. You want to take the risk make sure you re the first one in. Than still can milk from the later fools

 

[phillyb]

Does anyone have any updates on this? Heard the offices are open, and the excuse given right now is that the leaders are in malaysia for a management meeting.

 

[drago88]

Their management is in M'SIA for management meeting?
You still believe in their c..k and b.ll?

 

[phillyb]

Has anyone heard of the rescue plan from the gold guarantee?

Heard they have 2 schemes, 1 where they buy your gold at a better than market price and another where they allow you to continue your contract with genneva with them instead, after you pay a top up amount.

 

[drago88]

Has anyone heard of the rescue plan from the gold guarantee?

Heard they have 2 schemes, 1 where they buy your gold at a better than market price and another where they allow you to continue your contract with genneva with them instead, after you pay a top up amount.

Aren't all these, to the investors, all LOSE-LOSE-LOSE propositions?

 

[Burrsingh]

Hi guys,

Both my aunt and uncle invested in Geneva 100K each since October 2010.
They are in their 60s and not very sure of what they have gotten themselves into.
They have each been receiving 2K per month since then till last July when the payment was stopped or delayed.

I would like to know,
(1) what is my auntie's and uncle's profit/ loss?
(2) How much Geneva gold should they have in their possession, for that amt of investment?
(3) what can my auntie and uncle do to recover their losses, if any?

Regards

 

[jackong78]

Hi guys,

Both my aunt and uncle invested in Geneva 100K each since October 2010.
They are in their 60s and not very sure of what they have gotten themselves into.
They have each been receiving 2K per month since then till last July when the payment was stopped or delayed.

I would like to know,
(1) what is my auntie's and uncle's profit/ loss?
(2) How much Geneva gold should they have in their possession, for that amt of investment?
(3) what can my auntie and uncle do to recover their losses, if any?

Regards

Gram: 1,000g
discount: 2.00%
capital: $93,100.00
discount received from oct 2010 till today: $44,160.00
current spot rate @ $69.50 = $69,500.00
Profit if selling at today's price = $20,560.00

They can now go and sell at any jewellry shop.

 

[Burrsingh]

Gram: 1,000g
discount: 2.00%
capital: $93,100.00
discount received from oct 2010 till today: $44,160.00
current spot rate @ $69.50 = $69,500.00
Profit if selling at today's price = $20,560.00

They can now go and sell at any jewellry shop.

Thank You.
I'm glad for them.
Will inform them.

 

[gennevacomplaingroup]

Gram: 1,000g
discount: 2.00%
capital: $93,100.00
discount received from oct 2010 till today: $44,160.00
current spot rate @ $69.50 = $69,500.00
Profit if selling at today's price = $20,560.00

They can now go and sell at any jewellry shop.

That's where you are WRONG Mr Jack. The contractual obligations state that Genneva is supposed to buy back at $93.1k....why should we be subjected to waive that obligation just because the discount rebates is sufficient to cover the marked-up value of the gold?

We should not take this lying down and should pursue our rights all the way. If we accept this compromise other companies will follow suit and use the same arrangement to get away scot free.

Don't forget during the 2 years when your money was with them, you could have generated other forms of returns from other investment products and that means there are opportunity costs involved here.

Every cent is our hard earned money....we should not be discriminated as such.....it is just not fair to us.

 

[SuperHunk3488]

The point I am trying to make is:

DO NOT GO NEAR THE GENNEVA PEOPLE. THEY ARE RUNNING A FRAUDULENT SCHEME WHICH IS VERY CLEARLY A PONZI FEEDING ON NEW INVESTORS MONEY TO PAY OFF THE LUCRATIVE REBATES, DISCOUNTS AND COMMISSIONS. WHEN THE TIMING IS RIGHT THEY WILL PACK UP AND RUN AWAY WITH THE MONEY AND THE GOLD. EXACTLY WHAT IS HAPPENING NOW IN SG. BEING A PTE LTD CO, YOU CANNOT TOUCH THE DIRECTORS AND SHAREHOLDERS, EXCEPT FOR THE POLICE UNDER CRIMINAL AND OTHER FINANCIAL REGULATORY LAWS. BUT EVEN IF DIRECTORS ARE PUT IN JAIL, IT DOES NOT MEAN YOU GET BACK YOUR MONEY OR YOUR GOLD.

They are so imaginative that they came up with the Genneva World Scheme, to which you can migrate and lose another 30%!! YOU WILL BE REALLY FOOLISH TO CONTINUE TO HAVE TRUST IN THESE PEOPLE.
Previously, investors asked to migrate from SAMUDRA to Genneva to Genneva M'SIA and now to Genneva World. The Genneva masterminds Ng Poh Weng, Marcus Yee, Chin Wai Leong etc are accused of illegal deposit taking and moneynlaundering under M'SIAN laws for the Genneva operations where at least RM40 million were missing from the co accounts. If convicted, they face jail time of up to five years and fines of up to RM10million.

CURRENT STRATEGY FOR GENNEVA INVESTORS LIMITED TO A CUT LOSS OPTION.
If still holding gold NEVER NEVER surrender it to Genneva under any circumstances, no matter how sweet the promises from them are. They are crooks who will not hesitate to cut you down further.

PEOPLE WAKE UP!!!!

 

[climber99]

Gram: 1,000g
discount: 2.00%
capital: $93,100.00
discount received from oct 2010 till today: $44,160.00
current spot rate @ $69.50 = $69,500.00
Profit if selling at today's price = $20,560.00

They can now go and sell at any jewellry shop.

Erm I think your calculation sala leh. At that time the gold price is much lower so they should have gotten more than 1 kg for that amount. So their absolute profit will be less than what you have calculated. So not sure if they sell at current prices will be profit.

Do they have any receipt/invoice for the gold they bought? Can check from there ma.