Problems with Genneva Payout

[drago88]

Genneva Is a PONZI and scam from day one. It is impossible for them to sustain the operation with the unbelievable payouts. New investors money used to pay off old investors. When they have amassed a huge sum of gold (under SKR scheme) or money, they run.

ALL THESE THINGS HAPPENING IS A VERY SAD, FLAGRANT, INDICTMENT OF THE LACKADAISICAL ATTITUDE OF THE SINGAPORE POLICE ( I.E. CAD - COMMERCIAL AFFAIRS DDIVISION), THE CENTRAL BANK (I.E. MAS - MONETARY AUTHORITY OF S'PORE), THE FINANCE MINISTRY, AND CASE - CONSUMER ASSOCIATION OF S'PORE, ETC.

Please arrange meetings with your Members of Parliament, as many as possible, for the issue to be raised in Parliament. Parliament should find out whether the relevant authorities have been negligent and in breach of their statutory duties. And maybe victims can seek redress from GOVT for their negligence in their supervisory, monitoring and enforcement roles.

 

[makav31i]

MAS already put them in the investor alert list to warn people...People chose not to listen to advice and no one force anyone to give their money so government need to protect people from their own stupidity and greed? So people who bought into this scheme by Genneva are now jumping to similar scheme provided by The Gold Guarantee and Asia Pacific Bullion which is also under MAS investor alert list... Really shows the level of intelligence of the people jumping from one gold company to another... The real problem is the agents of this company who goes out to earn your commission and they are not qualified to give financial advice or sell investment products... Did any of the agents take any of the test in Singapore before selling any "investment" products? With so many warnings and advice given people on their own free will decide to give away their money to this kind of company.. Who is at fault? So if you make money from this scheme, you are intelligent investors and all warnings and advice are just noises and if you lose money blame government, the company, the agents and etc as you are a victim... How are you a victim of your own free will decision?

But yup to expect a little bit of intelligence from people who fall for Genneva not to fall for the same sort of scheme again is...

 

[drago88]

Is putting on Investor Alert List a sufficient measure taken by a regulatory body?

Bank Negara put 77 (?) companies, GENNEVA included, on its Alert List recently. ( see BNM website). In response, Joseph Kow of Genneva M went on a media blitz, vehemently protesting the unreasonable blacklisting of "legitimately" operating "gold trading cos" which ostensibly had broken no laws. If laws had been broken, would not other tougher action had been taken! he asked. He countered with a show of strength by organizing a clarification conference at Sunway Conv Ctr where at least 3,000 attended! Bank Negara further ran full page paid advertisements in the major papers over a course 7 or 8 days warning public against investing in unregulated gold schemes!

The Internet discussion says the Chairman of Genneva M is a cousin of the highest ranking GOVT officer in the country.

BANK Negara has raided, closed down and charged at least 3 gold trading cos in recent years - BESTINO (RM411,000,000 gone missing); The Gold Label; Genneva SB ( at least RM47,000,000 gone missing). What is the reason Genneva M still goes on unchecked? There are theories in the various webs.

IN RESPECT OF THIS GENNEVA GOLD SCAM, SURPRISINGLY, THE SG AUTHORITIES SEEM TO BE LEAD FOOTED AND HIDE BOUND WHEN COMPARED TO THE MY CENTRAL BANK!!!

 

[transform]

Ya, it is really kind of sad.....my agent is a friend. If he did sound out earlier, I would have sold back mine too. When the news broke, I ask if the company owe him commission, he did not dare to reply.....sigh. I am sure the company owe him commission but he hide this fact....He knew geneva is transferring asset to geneva world....I ask why? He say.....Geneva going for IPO !!!!!!

Genneva PART 2

Can anyone share info of this RESCUE PLAN ?

 

[SuperHunk3488]

GV Office

Heard that CAD went to genneva office this morning...
just hope that those who parked their gold with genneva manage to get it back ASAP!!!

 

[jackong78]

latest update

All GV staff has left GV office and the office is closed. 3 person have been brought back to CAD for investigation. There is no mention of payment. Genneva Malaysia have been closed today as authority have step in to investigate.

 

[stargazer008]

Actually in the whole saga, what is the worst that happened is not only about losing money, it is about your agent relative or fren who did not come up frank and share info with you.

Money lose can earn back. And those that have been more than a year would have break even at least.

It is the trust that was lost between frens/families that matters, all in the name of greed.

 

[eXotic 79]

I have a friend who used to b from Gold Label. Heard from my friend how they managed to recoup losses for their clients. Gg to meet up the agent to find out more.

 

[Paramis]

Actually in the whole saga, what is the worst that happened is not only about losing money, it is about your agent relative or fren who did not come up frank and share info with you.

Money lose can earn back. And those that have been more than a year would have break even at least.

It is the trust that was lost between frens/families that matters, all in the name of greed.

i totally agree with u. mine was a very close family relative. even though she's not paid commission for a few mths, she still persuade me to buy in jul 12 for the 3% promotion. she told me to trust her. when i question her for my end jul payout, she has lots of excuses till i found this forum.

i wouldnt trust her words anymore

 

[drago88]

Buying gold from Genneva at huge overprice is not so clever.
Parking in gold at Genneva is even less clever. When you park in gold, do you think they actually buy the gold for you? They collect your money as an illegal deposit taking and to make it attractive pay you a huge outsized dividend/hibah/interest/rebate/discount (or by whatever name called) up to 5% per month or more? Sooner than later they run away with your gold and money.

Make sure the police arrest them, charge them, put them in jail.

 

[GoldInvestor]

Look at UOB Physical Gold Price today ( after waiver of GST )

100 gram PAMP Gold selling at only $7,168.
UOB buying back at $6,995.
The difference in price is $173 or 2.41% only.

 

[irene04]

I missed sept payout, and am chasing my agent for the payout, when?.. in Oct? So i am curious why you get a payout. Are you new customer?

That's why I'm a little puzzled. & actually only knew that something was not right when I happened to chance upon this forum.
In end Aug 12 when my 1st contract expired i unknowingly topped up in Sept to purchase more gold bar. Although there was few days delay, I got back the gold bars & my 1st contract interest in Sept. Maybe my investment was not a lot they still could afford the interest payout? or because they luring me to put in more $ with them??

 

[Lover_Handphone]

Authorities in Malaysia, Singapore raid gold trader Genneva’s offices

http://biz.thestar.com.my/news/story.asp?f...42&sec=business


Authorities in Malaysia, Singapore raid gold trader Genneva’s offices
==================================================

The StarOnline Monday October 1, 2012 MYT 5:17:00 PM

KUALA LUMPUR:

The authorities in Malaysia have raided gold trader Genneva Malaysia Sdn Bhd and its affiliates for suspected offences under the laws administered by the respective enforcement agencies.

Bank Negara said on Monday the joint raiding operation was carried by the police, Domestic Trade, Cooperatives and Consumerism Ministry, Companies Commission of Malaysia and the central bank.

BNM said Singapore’s Commercial Affairs Department also conducted a similar operation against Genneva Pte Ltd in Singapore.

“The public is advised to be cautious in investing their money to avoid becoming victims of activities that are illegal and in breach of the law,” said BNM.

According to Genneva’s website, it is a corporate member of the Gold Bullion Entrepreneurs Association of Malaysia which represents Gold Bullion dealers in Malaysia.

The company also says it sets the pricing of Gold Bullion products for its members in Malaysia.

The website said the company has evolved to become one of the leading and most innovative gold traders in Malaysia.

Its business model was based on the Syariah principle of “Al-Bai”. To make the transaction more attractive, Genneva rewards its customers with discretionary payments.

Genneva also said it is a reporting institution under the Anti-Money Laundering and Anti-Terrorism Financing Act, (AMLA) 2001 and understands its responsibilities and duties.


============

The end of the road for Genneva.

 

[K|muRa^84]

lol hard truths

trust nobody wif ur money...not even ur closest friends/family

 

[drago88]

You mean to say that prior to today the S'poreans have to pay 7% GST on top of the huge overprice for the Genneva gold? And still buy despite the well known significant spread between buy-sell price for gold bullion? You are starting off the investment with an instant disadvantage of close to 40% !!!

As M'sians, we had always been told you are KIASI, KIASU and therefore this is really amazing!

 

[stargazer008]

You mean to say that prior to today the S'poreans have to pay 7% GST on top of the huge overprice for the Genneva gold? And still buy despite the well known significant spread between buy-sell price for gold bullion? You are starting off the investment with an instant disadvantage of close to 40% !!!

As M'sians, we had always been told you are KIASI, KIASU and therefore this is really amazing!

Bro...I would see it differently. Investors are aware of the overprice they are paying. Of the risks in the event the company folds.

But apart from wanting to generate more returns (who doesn't?), I believe many investors invest knowing the risks, base on trust of their frens or relatives who are the agents.

 

[freethinker54321]

Cutting losses

For those who check out the market to sell back gold, can you share what are the options to sell back the gold in the market assuming the gold are not fake ?

Does UOB always offer the best price for 1kg gold or there are better options out there? I read in this forum that different shops offer different prices and their willingness to take also differs.

(Please do not introduce other schemes, just plain sell gold and get cash immediately)

Thanks.

 

[cattwl7]

So those with gold with them will either have to wait months /years to see it or no hope already?

 

[drago88]

You lend $20,000 cash to a stranger (with no assets to his name) who promised to pay you back with a hefty unbelievable interest, and you did not know that he is already facing charges for financial improprieties. Now the money is in his pocket, or maybe he already spent it. Then you find out he got arrested again for some offence. What are the chances that you will get back your $20,000 and the promised interest????

Your question is of the same type. Hefty interest = discount or hibah or etc etc. Stranger = Genneva.
No assets = low paid up capital, liabilities exceed assets. Already facing charges = the 3 joker directors facing charges in Malaysian court. Again arrested = Again got raided by Bank Negara.

AIYAHYAH,!!!

 

[chex]

Actually those who go by the legal route may stand a better chance to get back the money. Those who go police or CAD are probably killing themselves also. Don't they know the accounts will be frozen upon investigations....when accounts are frozen how to get money back?!?!?!

And if they dun know...investigations can take years....!!!

I'm a genneva customer myself. I did not get my payments too. I'm sadden by this too. So actually all genneva customers are on the same boat and some are trying to sink it instead of thinking of strategy first.

Now that genneva is raided by CAD, how will it affect ongoing and future legal cases??