Genneva Gold

THE TRUTH says 11 years ago

As separate attachment to client’s purchase, Genneva also extends discretionary – a) monthly ‘Hibah’ or gift averaging 1.5 to 2.2% over 3 to 6 month period – or 18 to 26.4% if annualised, and b) outright sellback option at purchase cost at the end of Hibah period – both are commitment each client must acknowledge and is discretionary and can be withdrawn by the company at anytime. Since my first purchase of gold in May 2011 however, Genneva has never failed to honour both these commitment.

If Genneva pays 1.5 to 2.0% monthly Hibah, or 18-24% per annum under existing business model and trading platform of creating market liquidity and sharing and distributing profits along the way with participating clients, I personally believe that this business can be sustained for at least another 3 to 5 years.

I saw an elevated transaction risk however, each time Genneva promoted higher than average Hibah of up to 3% – gold delivery took longer than usual triggering Gharraror uncertainty forcing Majlis Fatwa’s edict on Genneva as non-syariah compliant and unsolicited complaints from PPIM which triggered and precipitated into an outright mass sellback from majority Muslim clients sometime in August and September.

I would have fully supported this promotion if used sparingly based on limited stock and ready for delivery ex stock basis or over predetermined and mutually agreed date.

I congratulate Genneva’s ability to weather the sellback storm and attribute it to management prowess in gold trading and cashflow juggling and promotion timing, but thanks also to vintage gold and a stroke of luck when prices actually turned bullish heading into the month of October.

Despite the above episode, I see more frequent promotion offering beyond average Hibah of up to maximum 3.0% (36.0% per annum) as controversial, ‘eye popping and attention grabbing’, and hence very inviting for a BNM action.

It is most unfortunate however that BNM has to force a shutdown in Genneva in the name of pre-emptive and prudential measure on amongst others, suspicion of business sustainability as an ongoing concern.

I would rather see Genneva itself determine its own fate and choose its own ‘day of reckoning’ which I believe is possible the moment it declares inability to pay discretionary Hibah and discretionary purchase of sellback gold from its clients. Clients lesson from this is already learnt following BNM’s forced suspension of Genneva i.e. ‘at least the client has physical and valuable gold in hand’.

Read more here: http://www.freemalaysiatoday.com/category/opinion/2012/10/17/gold-trading-a-clients-experience/

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THE TRUTH says 11 years ago

1. The scheme is destined to collapse because the earnings, if any, are less than the payments to investors.

2. Usually, the scheme is interrupted by legal authorities before it collapses because as more investors become involved, the likelihood of the scheme coming to the attention of authorities increases.

3. Ponzi schemes sometimes commence operations as legitimate investment vehicles. In 2009 the price of gold was around Rm1k and keep on rising till the high of Rm1.8k in early Nov 2011. Off course at the early stage, the scheme works organically as there were profits to be made from the rising gold price. “Kill two birds with one stone”.

4. Sadly, after reaching the high price in early Nov 2011, the gold price tends to fluctuate around Rm1.5k – Rm1.7k till today for almost a year now.

5. As such folks, symptom starts to show that the oxygen level getting lower. Due to the shortage, an aggressive ways were used to get more supply of oxygen (investors) which have triggered the authorities to smell something fishy.

Well folks, regardless of whether these activities are regulated, it is AN OFFENCE under the law TO OPERATE A FRAUDULENT OR DECEPTIVE SCHEME. So those so called investors & their CONsultants, be prepared to face the CONSEQUENCES!!

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THE TRUTH says 11 years ago

“I don’t care where Genneva get’s it’s money from, as long as they pay me my due portion” said those supporters before the raid.

Folks, the signs are clear but why close one eye attitude? Protrays human psychology in GREED & SELF DECEPTION!

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THE TRUTH says 11 years ago

http://www.mas.gov.sg/en/News-and-Publications/Parliamentary-Replies/2012/Reply-to-Parliamentary-Question-on-Gold-Trading-Schemes.aspx

“regardless of whether these activities are regulated, it is AN OFFENCE under the law TO OPERATE A FRAUDULENT OR DECEPTIVE SCHEME”. Will GM be any difference from GS? Time will tell.

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THE TRUTH says 11 years ago

Some news related to GENEVA SINGAPORE – http://www.mas.gov.sg/en/News-and-Publicat…ng-Schemes.aspx

Response by Mr Tharman Shanmugaratnam, Deputy Prime Minister and Minister in Charge of MAS:-

“5. However, regardless of whether these activities are regulated, it is an offence under the law to operate a fraudulent or deceptive scheme. As Members know, some of the operators offering gold buy-back schemes are currently under investigation by the Commercial Affairs Department (CAD). If there is evidence of fraud or other breaches of the law, CAD will take firm and appropriate action”.

There you go folks. Regardless of whether these activities are regulated, it is AN OFFENCE under the law TO OPERATE A FRAUDULENT OR DECEPTIVE SCHEME. So folks, will GM2 be any difference from GS? Time will tell!

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Annoying Me says 11 years ago

Dear Annoying Me

Thanks for the non-reply. It goes to show your post was uncredible/incredible

===

Dear Anon Me,

Thanks to your numerous non-replies and dodging too. It goes to show your posts are all uncredible/incredible.

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Annoying Me says 11 years ago

Dear Annoying Me

You only found out about buyback & hibah discretion from “GM2′s statement on 15 Oct 2012″?

Qn2 still nothing?
====

hahaha, I am quoting your QM2 bosses’s statement on 15 Oct. So obvious you cannot read properly.

As mentioned already, for clarification / elaboration, pls ask your bosses at GM2. They issued the statement, not me.

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Annoying Me says 11 years ago

Hahaha, likewise thanks Anon Me for your OWN still non-reply to:

“May I ask you if buying gold from Genneva is considered an INVESTMENT?

Still no OWN reply, OWN stand? or cannot stand at all, need tongkat ali?

====

Anon Me answered:

Dear Annoying Me

Thank you for that show of anger.

===

I thank you also for admitting to my post – 2). Anon Me is nothing but a scum-bag GM2 CON-sultant in disguise. So what means “personal” attack?

End of discussion. Pui !

I only sought elaboration/clarification using terms which The Truth used. Pls try to read properly the original comment. Don’t be an angry loser.

Dear The Truth – Annoying Me seeks clarification / elaboration from you “if buying gold from Genneva is considered an INVESTMENT?”.

===

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Annoying me says 11 years ago

Anon Me asked:

Dear Annoying Me

1. How did you know buyback is not guaranteed & that hibah is discretionary?

2. Can you direct us to some verbal or written evidence of consultants promising otherwise?

=========

“Legal(?)” and “publicly declared” Sales Pitch (as per GM2’s statement on 15 Oct 2012):

1. Selling price 25% higher
2. Gold no buy back (if any, discretionary only)
3. No Hibah (if any, discretionary only)

Outcome : 60,000 knowingly bought it (Anon Me said – YOUR MONEY, YOUR CHOICE) and crying foul play now.

60,000 actually bought overpriced gold “knowingly” despite no buy back and hibah guarantees ??? Only Anon Me would believe that ! YOU MONEY, YOUR CHOICE.

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Annoying Me says 11 years ago

News from BusinessTimes Singapore 16 Oct 2012:

Tharman states MAS stand on gold buyback
But if needed, it will refine its regulatory framework

[SINGAPORE] Gold buyback schemes are currently unregulated, but the Monetary Authority of Singapore (MAS) will continue to monitor market practices and refine its regulatory framework if necessary, Deputy Prime Minister Tharman Shanmugaratnam said yesterday.

In a written reply to a parliamentary question that comes after this month’s raid on the offices of gold trading company Genneva Pte Ltd by the Commercial Affairs Department (CAD), Mr Tharman, who is also Finance Minister and MAS chairman, added that running a fraudulent or deceptive scheme is an offence under the law regardless.

“Like most other financial regulators around the world, MAS does not regulate schemes that involve investors acquiring direct ownership of physical assets, such as property, gold, art or wine,” said Mr Tharman.

However, it will continue to monitor market practices and investment landscape trends, and refine the regulatory framework where necessary, he said.

Mr Tharman urged investors to consider how returns in any scheme are generated and find out whether there is any protection or recourse should the operator fail.

http://www.mas.gov.sg/en/News-and-Publications/Parliamentary-Replies/2012/Reply-to-Parliamentary-Question-on-Gold-Trading-Schemes.aspx

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Lee Mei May says 11 years ago

Dear goldco customers,
Today is more than half a month since your goldco had been raided by BNM + 3 on 01/10/2012 and your fund/gold in the goldco is at stake. The goldco and its con-sultans had only been looking after their own selfish interest including but not limited to golf, overseas education for their children, international schools and their lifestyle of holidays, boutique shopping, luxury cars, bungelows and the best the money can buy.
It can be seen that the grandfather’s history, which is yet to be resolved, is being repeated more than 3 years later. It is time that all of you form a group OUTSIDE AND INDEPENDENT OF the “genneva support” group to protect and fight for your interests especially for those who still have money or gold stuck in the goldco. Your interest and agenda should be to get your fund/money stuck in the goldco or with the authorities released back to you soonest. I am sure uncle Martin Lee is willing to help by setting up a new page for the “justice for GMSB customers” group. Good luck.

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Annoying Me says 11 years ago

Anon Me asked:

If not angry, why so many personal attacks?

Answer:

1) hahaha, I am not angry. Why should I? Anon Me’s Genneva world collapsed, and I have nothing to do with GM2.

2) I have never treated Anon Me as a person. Anon Me is nothing but a scum-bag GM2 CON-sultant in disguise. So what means “personal” attack?

End of discussion. Pui !

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Annoying Me says 11 years ago

GM2 CONsultants :

Bear this in mind

Genneva S/B declared in their site and documentations that:

a) Gift(Hbaaah) is not guaranteed but depending on their perogative

b) buyback is not guaranteed, no print shows guarantee

CONsultants tell their investors(buyers) (i think many buyers can testify to this):

a) Hibaah guarantee for whaever 1.5,2.3% p month for 6 months

b) Buyback at ORIGINal price is guaranteed

Looking back at your sales pitch, you have been MIS REPRESENTING the company.

You CONsultants are so so supportive of Genneva.

Guess what?

You can be charged for Crimminal Misrepresentation which essentially mean CHEATING(SCAMMING) the investors!

DO YOU THINK GENNEVA WILL BAIL YOU GUYS OUT OF THIS?

THINK AGAIN……………

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Annoying Me says 11 years ago

Anon Me,

Are you stupid or don’t know how to read? Pls clearly read and understand the statement by your GM2 bosses posted on your GM2 website (and also reproduced here) before asking stupid questions like these.

By the way, this is also not the right place to ask these sort of stupid questions, pls ask you own GM2 bosses who issued this statement should you need any clarification / elaboration.

I am not your boss. I have nothing to do with GM2. Direct your queries to your GM2 bosses.

Try not to be so pissed off, ok? Your world of GM2 collapsed, but it is not the end of the world.
====

Dear Annoying Me

1. How did you know buyback is not guaranteed & that hibah is discretionary?

2. Can you direct us to some verbal or written evidence of consultants promising otherwise?

3. Eternal sunshine holidays for directors – Are the directors who are currently charged in court from original Genneva on holidays now? Pls name just one director on sunshine holiday now. Will BNM ongoing investigations make it easier or difficult to go on sunshine holiday?

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GREEDY CONSULTANT says 11 years ago

GREEDY CONSULTANT

Anony me…may be u r real cool may be u act cool, for either good luck for u….

i will be happy to know if u are not Genneva supporter so no point for me to proof you are not

if you are Genneva supporter, that even no point for me to proof cause either u are the CONsultant or customer u are having a BIG HEAD now…

but i m glad that u still can act cool and laugh here…just hope u r not suffer from mental sickness…i really pity u

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Lee Mei May says 11 years ago

Dear All,
The goldco is treating all its customers with contempt in their statement released on 15/10/2012, with the salient points as follows:
1. Customers buys gold at 25% mark up from the spot price;
2. Only discretionary hibah. Since the goldco can show that it is losing money, or in any event even if it is making money, it only pays hibah at its discretion;
3. Buy back is discretionary. Hence the customer at the end of the tenure, may lose the 25% mark up without any compensation of hibah.
4. After full payment they have to wait for their gold as the clever Punjabi lawyer had designed the S&P to the effect that the transaction is only valid upon the company accepts the customer’s purchase proposal. That is the reason that when BNM + 3 raided the goldco, it is still holding/withholding customers’ gold;
5. Upon return of gold at the end of tenure, the goldco can withhold payment for an unspecified period in order that the goldco may “inspect to find out whether the customer had handed in “fake” gold”;
When their Director Joseph Kow was asked by BNM how the company makes its money to pay hibah, commission and expenses, he profess not to know and cooked up a cock and bull story, but now their insist that the business is sustainable. If so, why not go and sit with BNM and convince them instead of just writing that “We stand firm to correct them” and leave the customers to suffer the anguish of their fund/gold being held by the authorities.
The arrogence of the goldco and their con-sultans is unlimited and they think that they can threaten the authorities with their votes in the coming GE-13.
Why the need for all the lobbying when the simple answer lies in sitting with the authorities and justifying to them that they are not operating a “ponzi” scheme and the customers should not be made to suffer for their arrogence. CUSTOMERS UNITE TO DEMAND THAT THE GOLDCO PROVE TO THE AUTHORITIES THAT ITS PLATFORM IS NOT A PONZI AND HAVE THEIR FUNDS RELEASED
IMMEDIATELY. CUSTOMERS HAVE THEIR RIGHTS TOO.

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Lee Mei May says 11 years ago

Dear Warrior of Genneva,
Please think about the 200 kg you mentioned
1. Over the the past few months, there are more sell back than purchase transactions;
2. Gold price is at the highest for 2012 and the goldco had time and again told all and sundry that they make money by buying low and selling high;
3. There is a backlog of customers waiting for their gold for nearly a month and the goldco is re-cycling the gold from the buyback;
4. The Penang Kow told BNM that he, the director of Asia Pacific operation, does not know how the goldco make its money to pay hibah, commission and expenses;
5. Goldbeam is an Association to promote gold. How come all the top echelon in the association and practically 100% of its members are from the goldco and how come it is spending its members money to promote the goldco?
6. GoldBeam held an EGM on 15/10/2012 without issuing notice of meeting and thence the meeting is not constitutional and illegal. Is the Registrar of Society doing something about it?
Since business is halted, please spent some time to read the 1Ching and Sun Tzu’s “Art of War”

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Annoying Me says 11 years ago

GM2 just released an undated and unsigned statement on their website. denying buy back guarantee and announcing hibah is discretionary (as if we did not know already).

This shifts the whole blame to:

1) BNM for confiscating buyer’s gold

2) Consultants for promising hibah and buyback (verbal or written)

Consultants now will have to face civil suits from victims who may want to sue them for misrepresentation.

As for the directors – eternal sunshine holidays.

http://www.gennevaworld.com.my/index.php/121015-message-from-management/

MESSAGE FROM THE MANAGEMENT OF GENNEVA MALAYSIA SDN BHD

To all our Customers and Consultants, we say “Thank You”.

Thank you for your support and trust during this challenging time. We are proud of each and every one of you. You have shown us that we are one big family. United we stand!

As all of you know, we are in a business that is not regulated. Accordingly our name was included in the “Alert list” published by Bank Negara Malaysia.

Since inception we have approached the relevant authorities including Bank Negara Malaysia, the Ministry of Finance and the Ministry of Domestic Trade and Consumerism to regulate gold trading in Malaysia.

Last November, Bank Negara Malaysia ordered us to provide them with the details of our business, our consultants and our customers. After months of investigation, Bank Negara Malaysia found no wrongdoing. They requested us to inform the public through advertisements in the newspapers of our business and status. We complied with their request.

We sought the assistance of Syariah experts and legal advisers. Pursuant to their advice we revised and improved our Standard Operating Procedures to comply with the laws and the Syariah principles.

We have at all times fulfilled our obligations towards all of you.

The press has created confusion in the minds of the public as to the true nature of our business. The authorities claim that our business is not sustainable. We stand firm to correct them.

GENNEVA MALAYSIA is not an investment company. Our business model is not a “Ponzi” scheme.

We are dealing in straightforward buying and selling of Gold. We offer no buy-back guarantee. We offer no guaranteed returns. Simply because we have been buying-back the Gold and offering handsome ‘hibah’ payments do not make our operations illegal.

Following the raid led by Bank Negara Malaysia on 1″ October, 2012 all the assets including bank accounts of the Company and its directors have been frozen. Bank Negara Malaysia has seized all the stock of Gold and cash. They have also seized all the documents and records of the Company. Thus GENNEVA MALAYSIA is crippled.

We have approached the highest authorities and our leaders to provide explanation of our operations. No director has run away. Why should we — we are innocent. We are operating a legitimate business benefiting more than 60,000 Malaysians — Malaysians of all races.

We have trust and faith in our leaders. We are sure that they will in all their wisdom see the righteousness in GENNEVA MALAYSIA.

Our faith and hard work will pay off. We are at the edge of success. We stand as one and infonn the Government that we are truly “1 Malaysia”. We are “1 GENNEVA MALAYSIA”.

THE MANAGEMENT

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Lee Mei May says 11 years ago

Please see KL Bulls posting on 13/10/2012 @ 12.43 (UTC 8) at the gold guarantee in the news and BNM alert list
Item 69 SGFM Trading Sdn. Bhd under gold investment dated 27/09/2012 and search SSM/ROC for SGFM trading Sdn Bhd Another thing GoldBeam is having an EGM without sending any notice of meeting to its members. As a member, are you interested in your subscription being used to fund the scam?

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Lee Mei May says 11 years ago

TGG is in the BNM alert list under its official name SG__
The cousin of finance minister/PM was the chairman of GMSB and that was the reason Datuk K was no longer relevant.Go read Sun Tzu “The Art of War” first lah instead of letting all the skirt wearers taking you up the creek

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WarriorOfGenneva says 11 years ago

To all Genneva consultants, those who are not consultants please don’t simply rub salt. This is not directed to you.

I have learnt that the last time BNM raided a gold company TGL they did not at all carried away their gold. So why now they took away their gold?

It was such coincidence that on that Monday there were fresh gold of near to 200kgs arrived at office.

I have also learnt that there were something planned on us involving the Finance Minister.

There were some romours on the proxy for the Finance Minister switched camp and we have to be put out to make opportunity for the other player. That’s explains why they are not listed.

I smell a rat.

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Annoying Me says 11 years ago

Anon Me said:

Dear Annoying Me

I only sought elaboration/clarification using terms which The Truth used. Pls try to read properly the original comment. Don’t be an angry loser.

Dear The Truth – Annoying Me seeks clarification / elaboration from you “if buying gold from Genneva is considered an INVESTMENT?”.

=====

As usual, no balls to answer own question, no balls to make a personal stand, and dodging the question and diverting the qn to someone else. You pls read properly the original comment before questioning.

Hahaha, seems like Anon Me thinks every poster here is “angry”. Anon Me, what makes you think posters here are angry? Your conjecture?

My view is that the only person angry here is YOU Anon Me, your wonderful world of Genneva has collapsed, your 4 g-strings stripped off and now your naked butt sticking in air, head buried in sand.

You are using smileys and questions to disguise your pent up frustrations that all you said previously in this blog (and elsewhere) have been proven to be utter rubbish and strictly only your own CONJECTURES!!

====

Note all readers, this was what Anon Me posted with regards to buyers of Genneva Gold:

1. Are they aware of & do they fully understand the discretionery clause?

2. Do they have gold in hand if they buy?

3. Are they buying within their limits and comfortable with the dollar value premium they pay for the gold?

4. Do they know their risk profile?

All things considered (together with all the info from the internet), decide. YOUR MONEY, YOUR CHOICE.

After considering all the warnings signs (as listed in this blog, the media, the government and etc) and all the negative feedback, would a wise person still want to invest his hard earn money in this scheme? . Just like would a shop owner hire someone with dodgy background to be his cashier? In the end, It is up to you (the investor) to decide .

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Pls note Anon Me’s key words towards the end – YOU MONEY, YOUR CHOICE.

How many of the 60,000 Genneva customers are crying now and blaming the whole saga on BNM instead of the Directors and Con-Sultants ??

How many of them were not holding onto their physical gold when the raid was conducted?

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Obrien says 11 years ago

Anymore demos lately by the Genneva consultants? Is the PM returning the gold back to them or he gonna be using it for his GE13?

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p c wong says 11 years ago

This was posted in several GENNEVA gold blogs today.

”
p c wong October 14, 2012 at 12:42 PM

CRAZY DEPOSIT TAKING

You pay 100 units for gold. With 25% premium, the gold cost 80 units and markup is 20 units. After buying gold, GENNEVA got only 20 units left to invest. Pay hibah 3 units, consultant 0.5 units, upline 0.3 units, TOTAL 3.8 units per MTH or 45.6 units per annum. So with 20 units net cash holding GENNEVA must earn ROI of 45.6/20. x 100 = 228% pa just to cover these items !!! What about profit and admin overheads etc?
So how to sustain the operation? Here’s how:

1. They do not need capital, in fact the total paid up capital of GENNEVA M’SIA SDN BHD is only RM50,000 ! Unbelievable when they do billion RM business. Investor must pay up front for purchase and GENNEVA use part of you money to buy the gold. That is why you wait and wait for your gold.

2. They must keep on growing and growing the members to build up the PONZI Pyramid exponentially so that all the new investors money, only the 20 unit part, is used to pay the old investors’ hibah, etc.

3. Every now and then they do sleight of hand to pass you some own branded GENNEVA or SAMUDRA gold, maybe fake gold coated tungsten fools’ gold.

4. They make you play musical chairs game to wait and wait after you paid, maybe for old Buyer’s gold being sold back, or gold being handed in for inspection during rollover. So they did not back every Buyer’s order with real gold but just pass the same piece round and round. Some say only 50% backed, some say 70% back. Whatever, they are playing you for fools.

5. When you sell back, they make you wait and wait and worry like mad for your money!

6. The consultants say hibah and buy back at original price guaranteed BUT in writing they say these are “discretionary” — in the SALE agreement, in the signed acknowledgement form, and in the news ads in the papers. If They fail or refuse to pay you hibah or to buy back, you cannot even sue them.

7. When the pyramid stops growing and there are more sell back than buying in, it is time for their exit strategy. By this time they have a lot of cash in their pockets — your money. They
may just abandon the company like in S’PORE, never send lawyer to fight the court case, OR they may secretly arrange for BANK NEGARA, Police etc to raid Them, then they ask every one to blame the GOVT for spoiling the party. When this happens, they already hide all the money and gold overseas!!!!

NOT MUCH HOPE TO GET BACK ANYTHING FROM THEM.
DO NOT EVER LISTEN TO THAT ONE CALLED ANON ME. HE WILL LEAD YOU TO FINANCIAL RUIN.”

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Annoying Me says 11 years ago

Anon Me,
You asked: Or is it specific for investment in Genneva only?

May I ask you if buying gold from Genneva is considered an INVESTMENT?

I seek clarification / elaboration from you.

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The Truth says 11 years ago

Lessons from the past

Meanwhile, it may be useful to study the case of the Swisscash investment programme, an Internet-based scam that drew civil action by the Securities Commission (SC) in 2007. But before that, Swisscash-related websites had been flagged by the SC as unauthorised investment websites.

In September 2006, the SC and Bank Negara issued a joint press release to warn Malaysians against investing in the Swisscash programme, which claimed to have invested in equities, commodities and foreign exchange, and offered returns of up to 300% within 15 months of investment.

To stop the defendants from holding out as fund managers and investment advisers without a licence, the SC filed a civil suit in June 2007 against three Malaysians and four companies controlled by one of the three individuals.

The regulator also obtained a worldwide injunction to prevent the Swisscash operators from disposing their assets, and to compel them to disclose details of their assets, companies and bank accounts.

In September the following year, the SC obtained judgment against the defendants in the amount of US$83mil and such further amounts as may be traced for payment.

A November 2009 settlement between the SC and two Malaysian defendants paved the way for the compensation of Swisscash investors, using the eligibility and payment criteria and payment ratio approved by the Kuala Lumpur High Court.

These criteria were recommended by the SC and PricewaterhouseCoopers Advisory Services Sdn Bhd, the Administrator appointed by the SC to manage the restitution from a pool of funds amounting to RM32.7mil.

One criterion was whether the investor was actively involved in recruiting others, in which case he was considered as abetting the scheme. “ANY INVESTOR WHO WAS ALSO INVOLVED IN THE SCHEME AS A RECRUITER OR AN UPLINER WOULD NOT BE ELIGIBLE TO CLAIM HIS MONEY BACK,” says the SC in its website.

The Administrator received 22,780 claims, totalling approximately RM188mil, from Malaysian and foreign investors.

According to the SC’s Annual Report 2010, RM30.53mil was paid to 19,625 eligible claimants. The payout rate was 20 sen to the ringgit. By the end of 2010, the Administrator had effected restitution to 99.1% of the total eligible claims.

Considering these numbers, the Swisscash case is not exactly a source of comfort and optimism for the Genneva Malaysia consultants and customers. The SC’s actions here show that it’s a long, hard road towards getting back money albeit merely 20% of the original sum invested in a too-good-to-be-true scheme.

Swisscash ought to be a cautionary tale about the need to truly be sure about the transparency and regulatory aspects of an investment scheme. Sadly, not many people see it that way.

Those involved in Genneva Malaysia are likely to say their case is completely different. Let’s hope they are right.

Folks, read more on “What’s next for Genneva Malaysia?” dated 13/10/12 here: http://biz.thestar.com.my/news/story.asp?file=%2F2012%2F10%2F13%2Fbusiness%2F12167213&sec=business

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The Truth says 11 years ago

Interesting Points from the Latest statement from BNM dated 10/10/12 :-

# Schemes are believed to be NOT SUSTAINABLE to provide the promised high MONTHLY RETURNS, nor would they be able to provide the BUY BACK GUARANTEE of gold.

# The returns promised are NOT FUNDED through gold trading, but from the MONIES INVESTED into such schemes.

# The amount of ASSETS & MONIES held by these companies DO NOT COMMENSURATE with the amount collected from their investors.

# Prior to the joint raid these companies have DELAYED IN RETURNING gold or money to the investors within the stipulated time AS PROMISED.

Folks, I was approached early last year but have declined the offer to invest with this goldco. My reason the returns are too good to be true. Rule of Thump – Something too good to be true, I bet it’s a scam!

From the above statement by BNM, I do believe there will be not enough gold left to distribute fairly amongst those waiting for theirs’.

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The Truth says 11 years ago

Folks, something to share from http://theangryinvestor.blogspot.com/

What the newspapers didn’t mention on Genneva -> Financial Ruin for some.

Along the way, I tried to advise against putting money in, and I was cursed, ridiculed, and jeered at. Which is pretty normal for the “returns being given” phase of any Ponzi scheme.
Anyhow, the newspapers only mentioned that investors will lose a source of monthly revenue, and also that they stand to lose the 20%-30% markup they paid for their purchased gold.

So, someone who had RM1,000,000 in the bank, and bought RM800,000 worth of gold with it stands to lose RM200,000, right? Not good, but still survivable, right? Not for some.

For some, the scenario is much MUCH worse, thanks to many Genneva clients taking stupid advice from the Genneva agents to “leverage” their income. Because the suggested method was through Islamic Banking quasi loans with the gold as collateral. Let me give an example of what happens using the same above ex-millionaire.

Bob starts with RM1,000,000.
He goes to Genneva, pays RM1m, gets 800k worth of gold. Genneva promises him an income stream of 2% ie RM20k per month. They promise to buy the gold back at RM1m upon maturity.

NOW, under his agent’s advice, he goes to Al-Rajhi bank and gets an “Islamic loan”, which is similiar to a normal loan but with worse terms. Basically, they take the 800k worth of gold as collateral, and give him 75% on it, RM600,000. BUT, the interest (they call it a protection fee for storing the gold) is based on the 800k, and they charge 1% per month!

So, now Bob has RM600k in his pocket, 600k debt, and 800k being held as collateral.
The 800k is an asset, but a quasi asset, as people who have failed to service their loans would know!

He also has a promise from Genneva that they will buy his 800k gold for RM1m.
He also has incoming 20k per month from Genneva and -8k a month from Al-Rajhi. Sounds good so far, right?

So Bob follows his agent’s advice and further “leverages” himself.
He goes to Genneva, gives them 600k, and gets back 480k worth of gold.
He goes to Al-Rajhi (AR) and gives gold, gets 360k.

Current Status:
360k in pocket, 960k debt, 1280k gold held as collateral (gc) and an option to sell the gold back (goldoption) for RM1.6m.
Income stream 32k Genneva, -12.8k Al Rajhi.

He does it again.
-RM360k, + 288k gold.
-288k gold, + RM216k.

Status:
RM216 pocket, RM1.176m debt, 1.568m gc, goldoption 1.96m.
Income 39.8k Genneva, -15.68k AR

Let’s stop here even though this could continue a few more rounds.

Anyhow, *IF* Genneva honors the agreement, at the end of 1 year, Bob redeems everything, and his status is now:
1960k (since he sells the gold, the 1.568m no longer comes into play)+216k-1176k +(39.8k x 12) – (15.68k x 12)
=RM 1m (his initial bank account) +477.6k -188.16k (the income streams)
=RM 1,289,440.
Bob makes a nice 29% profit in one year! He is happy!

BUT
If Genneva does not honor the agreement? For example, if the company ceased operations? Bob’s status BEFORE HE GOES TO REDEEM HIS GOLD FROM AR is:

216k – (15.68k x 12) (he has had to pay AR the monthly interest/ protection fee still!)

= 27.84k in his pocket!

And now, there are 2 possibilities at this point, actually. Cause in case you didn’t notice, Bob only has RM27.84k in his pocket, and his debt is RM1176k. He can’t get back his collateral unless he finds someone to lend him the money to get back his collateral!

Case A, someone lends the money to Bob:
Bob redeems his loan, get’s back his gold.
Bob now has 27.84k in his pocket, RM1.176k debt to whoever gave him this new loan, and he has RM1.568k worth of gold.
He now has to figure out what to do with that gold!
If he manages to sell it for RM1.568k, his situation is not so bad…. that means that after squaring his debt, he now has 1568-1176+27.84= 419.84k. This is a pretty bad drop, from RM1m, but Bob can still survive it.

However, if gold price has dropped, OR if he can only sell his gold for a lower price (VERY likely, gold shops and banks and other people who buy gold will take their share of the profit), Bob will lose even more. If he loses 10% when selling the gold, he now has 263k. If he loses 20%, he only has RM106k. Bob is now looking at some VERY serious lifestyle changes if he lost 90% of his savings.

How about Case B, where Bob cannot get anyone to lend him money?

Well, his situation is then that he has 27,84k in his pocket, and he’s completely at the mercy of Al-Rajhi bank! I have no idea what happens in the case of default in this scenario, I need an expert in Islamic Banking Syariah law to explain this scenario to me.
But as far as I know, AR is still holding onto the gold, and therefore they are still charging him 15,680 per month as protection money, so AFAIK, Bob goes bankrupt in 2 months…

…

And don’t get me started on the people who didn’t have RM1m in the first place, like Bob above.
I’ve heard of plenty of people who took out loans to buy their initial “investment” in the first place… those people are now in EVEN WORSE TROUBLE than Bob in scenario B… they are ALREADY bankrupt, and have loan payments that they CANNOT MEET.

…

Makes the 20%-30% losses described in the newspaper look absolutely pleasant by comparison, doesn’t it?

Reply

Annoying Me says 11 years ago

A very good summary of the Genneva gold scam.

http://www.financetwitter.com/2012/10/genneva-gold-another-collapsing-ponzi-scam.html

Reply

StockInvestor says 11 years ago

BNM has stated explicitly that it is unsustainable and it wants to protect existing investors. Simple solution : Upon investigations, return all that is due to the investors, charge the company and the directors for duping investors, and ensure they NEVER operate again to protect us all from these scam artists.

Reply

GREEDY CONSULTANT says 11 years ago

ANony me….

haha…i think u must be from another gold company or going to join other PONZI GOLD company after genneva…

u greedy one…i guarantte u that all this PONZI gold company will be in deep deep shit…dont u know how singapore garment work…

if MAS raid genneva they must be very confident doing that and use ur little brain to think why MAS and BNM raid at the same time..

let me tell u that is the end of Genneva…now BNM cannot drag the Genneva court case anymore…

and GONE all the PONZI GOLD company….

Reply

Annoying Me says 11 years ago

Facebook for Genneva scam haters:

http://www.facebook.com/Genneva.Gold.Haters

Pls target the directors, consulatants and not the victims who got scammed by them.

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The Truth says 11 years ago

KUALA LUMPUR Oct 10

1. The recent raids on companies suspected of operating illegal investment schemes using gold were conducted in the interest of protecting investors as well as the public at large from falling victims to the illegal schemes.

2. In a joint statement today the Attorney General’s Chambers the Royal Malaysia Police and Bank Negara Malaysia said based on surveillance and examination conducted on these companies it has been discovered that these companies are operating schemes that are believed to be not sustainable to provide the promised high monthly returns nor would they be able to provide the buy-back guarantee of gold.

3. Such schemes are not sustainable because the returns promised are not funded through gold trading but from the monies invested into such schemes.

4. The investigations have also revealed that the amount of assets and monies held by these companies do not commensurate with the amount collected from their investors the agencies said.

5. The statement added that prior to the joint raids it has been noticed that these companies have delayed in returning gold or money to the investors within the stipulated time as promised.

6. Such signs are early warning indications prior to the collapse of such schemes that would result in significant losses to investors they said.

So folks, if it’s to good to be true you can bet it’s a SCAM!! Wakakakakakak!!

Reply

Annoying Me says 11 years ago

Confirmed Genneva is a Ponzi, Genneva is unethical and illegal
—————————

Latest Statement by BNM 10 Oct 2012 on recent joint raids on goldcos:

http://www.bnm.gov.my/index.php?ch=en_press&pg=en_press_all&ac=2674

Ref No : 10/12/08 Embargo : For immediate release Update on joint raids conducted by enforcement agencies on companies suspected of conducting illegal investment schemes using gold The Attorney General’s Chambers, the Royal Malaysia Police and Bank Negara Malaysia, would like to provide the following update on the recent raids against companies suspected of operating illegal investment schemes using gold.

These raids were conducted in the interest of protecting the investors as well as the public at large from falling victim to illegal schemes.

Based on surveillance and examination conducted on these companies, it has been discovered that these companies are operating schemes that are believed to be not sustainable to provide the promised high monthly returns, nor would they be able to provide the buy back guarantee of gold. Such schemes are not sustainable because the returns promised are not funded through gold trading, but from the monies invested into such schemes. The investigations have also revealed that the amount of assets and monies held by these companies do not commensurate with the amount collected from their investors.

Prior to the joint raids, it has been noticed that these companies have delayed in returning gold or money to the investors within the stipulated time as promised. Such signs are early warning indications prior to the collapse of such schemes that would result in significant losses to investors.

For more information, members of the public may contact the following:

BNMTELELINK (Customer Contact Centre)
Tel: 1-300-88-5465
Fax: (03)2174 1515

The Attorney General’s Chambers of Malaysia
The Royal Malaysia Police
Bank Negara Malaysia Bank Negara Malaysia
10 October 2012

===========

Very sure “Anon Me sadomasochistic proven at the both ends” will say:

1) Thanks for proving all previous posts are conjectures

2) Genneva not specifically mentioned by BNM in this latest statement (same like the previous statements)

3) No charges yet, no court verdict yet, so Directors and Consultants are INNOCENT till proven guilty (see what is the current court case status of GM1?)

hahahaha, Anon Me, you are the proven butt of this blog now.

Reply

Sean says 11 years ago

I have heard something that Genneva consultants were having demonstration earlier today, if I m not mistaken at mont Kiara, anyone knows about this? I m curious.

Reply

THE TRUTH says 11 years ago

KUALA LUMPUR Oct 10

1. The recent raids on companies suspected of operating illegal investment schemes using gold were conducted in the interest of protecting investors as well as the public at large from falling victims to the illegal schemes.

2. In a joint statement today the Attorney General’s Chambers the Royal Malaysia Police and Bank Negara Malaysia said based on surveillance and examination conducted on these companies it has been discovered that these companies are operating schemes that are believed to be not sustainable to provide the promised high monthly returns nor would they be able to provide the buy-back guarantee of gold.

3. Such schemes are not sustainable because the returns promised are not funded through gold trading but from the monies invested into such schemes.

4. The investigations have also revealed that the amount of assets and monies held by these companies do not commensurate with the amount collected from their investors the agencies said.

5. The statement added that prior to the joint raids it has been noticed that these companies have delayed in returning gold or money to the investors within the stipulated time as promised.

6. Such signs are early warning indications prior to the collapse of such schemes that would result in significant losses to investors they said.

So folks, rule of a thump – if it’s too good to be true you can bet it’s a scam!

Reply

golddigger says 11 years ago

Big Brother has commented
“Such schemes are not sustainable because the returns promised are not funded through gold trading, but from the monies invested into such schemes.- from thestar online 10/10/12
Are they telling the truth, should we believe what they say? Are we going to continue to deny and inform big brother that they don’t know what they are talking about?
Hmmm…

Reply

KLbull says 11 years ago

BNM released a short statement this evening regarding the goldco raids. In so many words, BNM inferred these raided companies operated ponzi schemes and that there is a big black hole in their finances. Are we surprised?

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Ahmad says 11 years ago

Public Gold has been disturbed by BNM! This is too much! Public Gold has no monthly schemes nor guarantee buy back. Why this BNM has nothing better to do or they just bias for the bankers? All gold traders must unite and defend!

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BBQ says 11 years ago

Some reliable sources said that after the Gennva SG incident has happened, MAS is stepping up suvailance and will prowl at anytime on other goldcos. They have begun digging into goldcos in Singapore.

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GENNEVA = PONZI says 11 years ago

Anon me,

you know why it was removed in a pro-Genneva FB….let me tell you WHY…

cause this act-smart Genneva CONsultant is accusing BNM setting up trap for Genneva and probably the pro-Genneva FB was warn by the authority and s.h.i.t in his panties and removed the post immediately..

Reply

Annoying Me says 11 years ago

Anon Me sadomasochistic proven at the both ends of Anon Me’s orifices:

Instead of posting repetitive nonsense and worrying whether others are angry or not by your posts , ANSWER these questions:

If Genneva is a legit company:

1. Why did they fail to comply with the rules and not submit the necessary statutory docs?

2. Why did they not act fast and clear their own name when they first got listed under BNM’s alert list?

3. Why did they list themselves as a trading company and yet sell their product like investment? They even call their clients investors. Shouldn’t they call them customers?

4. Why did Genneva S’pore also got raided at the same time? If BNM made a mistake or acting like bully, are you saying S’pore’s authorities are also making a mistake and bullying their citizens?

If Genneva really have a legitimate secret formula to generate such high returns:

1. Why did they not establish themselves as an investment company first?

2. Why did they not set up their company in Wall Street first? Surely they can make more money there, right?

3. Why do they need to operate like MLM and ask their customers to ‘recruit’ new customers? If their formula is so good, then they would have been famous even just by word of mouth. No need to spend more money paying incentive to the ‘consultants’. Ever heard Warren Buffet setting up a company and recruit like MLM?

4. Why operate from a shop lot in Kuchai Lama? Can’t they afford to rent an office in the Twin Towers? After all they are dealing with gold, right? A more prestigious address can only help boost the image right?

5. Why target all the aunties and uncles as clients? Should they not target the banks and financial institutions? Surely banks and financial institutions have way more capital to invest and make more money in a shorter period of time. Shouldn’t they at least have a corporate arm to sell to corporate clients? Surely companies want to make money too, right?

—-

I am very sure many of your answers will be: I don’t know, I don’t work for GM2, ask GM2.

In this case, you know nothing here (and has never knew anything), so pls shut the f**k up and f**k off, you sadomasochistic piece of sh*t.

Reply

Magnum PI says 11 years ago

Herewith is the fresh from the oven information, as at 5.30pm
4 goldcos raided and here are the up to date findings from the Big Brother’s office.

The multi billion company: I don’t have to report on that because the newspapers will be doing a good job on that.

The Malay company: no foul elements found yet, maybe a bit positive on this side.

The nobody home company: directors still being tracked down, sources said another new company Rich Bullion Sdn Bhd is linked.

The far far away company: evidence found on some illegal deposit schemes.

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Annoying Me says 11 years ago

A very good post in Lowyat and applies very aptly to resident Troll Anon Me:

—-

I find that pro Genneva people (ADD – Anon Me) always like to say “don’t assume…”, “not guilty until proven….”, “if no facts, don’t accuse….”, “do you have a time to go with / when it will collapse/raided…”

Aiyoh…..when you see a kettle is fuming, you don’t need to touch the kettle to know it is hot !

—-

Before the raid – Anon Me insisted on dates (linking to Anon Me’s fetish for hairs, or the lack of it).

After the raid – Anon Me insisted all previous posts were conjectures (mentioned numerous times already since the raid on 1 Oct 2012).

Anon Me is also blind – can’t see the water in the kettle at its boiling point.

Anon Me’s game – to provoke to get a response by persistant denial, posting ambiguous non-committal questions (for clarification’elaboration??), insulting, names calling, insinulating and in return:

will receive great personal immense satisifaction if people who replied showed a slightest tint of anger (Anon Me’s own perception of anger, but usually posters are not at all,and are more than happy to bash Anon Me).

The best word to describe this kind of sick pervert like Anon Me is – Sadomasochistic.

Proof:

Why so angry that it is proven that prior to raid, previous collapse-posts were just rumours, conjectures, imaginations, right? Yes?
—
I only seek elaboration.clarification. Why deny viewers? Just because I show up the lies, falsities, conjectures, half-truths, imaginations of others?

Why take things so personally? hahaha
—
No anger, why need personal attack & name-calling? Admit it la, angry, right? Yes? hahahaha
—

Anon Me is sadomasochistic proven at the both ends of Anon Me orifices –

1) loves to receive pain and insults (true – as given by most anti-GM2 posters here);

2) loves to inflict pain and insult (but only delusional and imaginery at Anon Me’s own perverted little GM2 dream world that others are angry by Anon Me’s remarks).

Reply

Annoying Me says 11 years ago

Just a summary of Genneva Gold debacle, written by blogger Calvin Yeo.

This is mainly for the benefit of new readers, before they get deceived by the resident Troll Anon Me numerous smoke bombs designed to mislead readers.

—

“Genneva Gold Trading Firm Gets Raided in both Singapore and Malaysia

10.02.2012 · Posted in Malaysia,
Personal Development, Singapore

As a follow up to the law suit against Genneva Gold Trading Firm, the firm finally gets raided by the authorities. In a rare show of joint action, both Bank Negara, Malaysian police and Singapore Commercial Affairs Department raided Genneva offices in both Singapore and Malaysia. I wonder if they actually coordinated this together, but it will be good if they work together to quickly to investigate.

Apparently, the Malaysian newspaper reported that several people gathered outside the firm office to protest against the raid. They claimed that this firm has helped the livelihood of thousands of people, which is questionable.

If anybody benefited it was probably the redirecting of the money of investors to the agents who made fat commissions out of selling gold to unsuspecting investors under the scheme. Of course they would protest as they made tons of money from the scheme, but how about the even larger number of people who lost their life savings in this scheme?

According to Business Times, the management discovered “some financial improprieties” (ADD – THIS WAS MENTIONED BY ANON ME@LOWYAT) which led to the delay of payment of commissions and discounts. Apparently the company directors filed police reports as well. All of this looks like a show just to mislead investigators and buy time while hoping that gold prices would be lifted again by QE3. Unfortunately for them, gold prices have yet to rally to previous high and money has probably run out for them.

Apparently 3 of the directors (ADD – Ng Poh Weng, Marcus Yee Yuen Seng, and Chin Wai Leong) are already being sued by Bank Negara for*alleged illegal deposit taking and alleged offences under anti-money laundering laws, one just wonders how they can fly under the radar for so long in Singapore.

The even more ridiculous part is that the directors previously operated under Genneva Sdn Bhd, and because it is under investigation and frozen by Bank Negara, guess what? They set up another company called Genneva Malaysia Sdn Bhd and continued running the same business. It sounded like they are already making the same transition in Singapore by asking current clients to move their “gold assets” from Genneva Pte Ltd to another company called Genneva World Pte Ltd. So there again, running through legal loopholes, the regulators better do something about it this time or they just open up company after company.

Whatever the outcome is, it will be an interesting case. It is also alarming to note that there are now even more copycat schemes which are operating openly in Singapore and Malaysia. Be smart and recognize the warning signs.

—

To new readers to this blog, just ignore the posts (usually questions to defend GM1 and GM2 as ethical companies and Anon Me’s personal deep denial after being exposed of being a serial liar) made by resident Troll Anonymous me.

—

Reply

Annoying Me says 11 years ago

The end of Genneva Sg
=====

Troll Anon Me still needs the date of collapse? No, Troll Anon Me will proudly proclaim it is just an ongoing investigation (as with GM1 and GM2) NO ONE IS CONVICTED YET, HENCE ALL STILL INNOCENT AND CAN START UP GM3 TO CONTINUE CONNING OTHERS!

Offical statement from Commercial Affairs Dept, Sg
——-

http://www.cad.gov.sg/topNav/faq/Genneva+Pte+Ltd.htm

Genneva Pte Ltd

The Commercial Affairs Department (CAD) of the Singapore Police Force has commenced an investigation into the affairs of Genneva Pte Ltd. The investigation is focused on the business practices of the company and whether criminal offences have been committed by anyone in the conduct of the company’s affairs.

Q What is the status of the investigation?

A The investigation is underway. The CAD will inform of the final outcome of the investigation.

—

Q I have entered into agreements with Genneva Pte Ltd to buy gold products. These agreements entail monetary payouts and buy back guarantees. Can Genneva Pte Ltd continue to fulfil its obligations under these agreements in view of the investigation by CAD?

A Queries pertaining to monetary payouts and buy back guarantees by Genneva Pte Ltd under the agreements should be addressed to the company.

—

Q Do I need to make a report if I have bought gold products from Genneva Pte Ltd?

A If you have not been contacted by the CAD to provide information on your payments to Genneva Pte Ltd and you wish to lodge a police report, you may contact the CAD office at 9637 7625 during office hours. Our office hours are 8.30am to 6.00pm on Mondays to Thursdays and 8.30am to 5.30pm on Fridays. Alternatively, you may go to the nearest Neighbourhood Police Centre to lodge a police report.

—

Q Will CAD assist to recover monies/gold placed with Genneva Pte Ltd?

A The purpose of the investigation is to determine whether any criminal offence has been committed. If there is criminal wrongdoing, the CAD will do its best to ensure that monies that have been illegally obtained are recovered and properly dealt with according to the law.

—

Q What right does the CAD have to seize gold or money that I have deposited with Genneva Pte Ltd?

A Under the Criminal Procedure Code (Chapter 68, 2012 Rev Ed), police officers are empowered to seize any property in respect of which an offence is suspected to have been committed.

—

Q I deposited gold with Genneva Pte Ltd. Can the CAD confirm whether my gold was found in the company premises and is now seized by the CAD?

A At this time, the CAD is not at liberty to publicly release the details of assets seized in the course of the investigation into Genneva Pte Ltd. As such, we are not able to confirm whether what items anyone has deposited with Genneva Pte Ltd is among the assets seized.

—

Q I deposited my gold with Genneva Pte Ltd. If the CAD has seized it, can I take it back now from the CAD?

A The properties which the CAD seized during the course of the investigation cannot be dealt with except at the direction of the Court. The CAD will apply to the Court to deal with the seized properties at the conclusion of the investigation and any resulting criminal proceedings. The properties will be kept in safe custody until then. At this time, we are unable to estimate the length of time these processes will take.

—

Q I paid money to Genneva Pte Ltd just a few days ago and have not received my gold or my returns. If the CAD has seized the money I paid to Genneva Pte Ltd, can I take it back now from the CAD?

A The properties which the CAD seized during the course of the investigation cannot be dealt with except at the direction of the Court. The CAD will apply to the Court to deal with the seized properties at the conclusion of investigation and any resulting criminal proceedings. The properties will be kept in safe custody until then. At this time, we are unable to estimate the length of time these processes will take.

—

Q How do I contact the CAD if I have queries on the matter?

A You can contact the CAD office at 9637 7625 during office hours. Our office hours are 8:30am to 6:00pm on Mondays to Thursdays and 8:30am to 5:30pm on Fridays.

—

Reply

greenhorn says 11 years ago

Dear Genneva Customer Support,

Why is all the big hoo-haa from consultants and customers after the BNM raid on 01 Oct at Genneva’s office (and its directors’ residences)?

Didn’t BNM spend so much (of taxpayers) money to put up warning ads of these ‘get-rich-quick’ scheme in the weeks of July 2012 on all major newspaper? It even listed Genneva as one of the 77 (blacklisted) companies before the ads were put up? Didn’t all these acts by BNM raised some the red flags to all of you then? Or just in denial that Genneva wasn’t the one targeted by BNM (as advocated by Anon Me on this blog)?

After months of warning, it is only fair for BNM to take action – otherwise the public will viewed BNM as a toothless tiger. And Genneva will be more brazen to continue these scheme to put public moneys at risks, right?

So, I am (very) curious, was the BNM raid on 01 Oct 2012 comes a a surprise to all Genneva consultants and customers? That’s the price to pay for flirting with GM2.

Sorry to say, but that’s the reality that all Genneva consultants and customers must wake up o. The earlier, the better. Like what LMM says, go back to what you are doing before discovering this ‘gold mine’ (or would I say, an oasis on hindsight) and learn to live within your means. Seriously, one should take that advice seriously. Or another scam out there is going to get you one of these days.. again.

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SOOK FUN says 11 years ago

I’ll tell you guys something..This is the biggest conspiracy of all time..How do i know ? Because i am a victim of THE GOLD LABEL SDN BHD, whcih was raided on 2010. Do you know that we have to be present in court to give our statements and to be cross examined by the judge and the PUBLIC PROSECUTOR(DPP) and trust me, you will not believe how they cross examine you !! THEY ARE TRYING TO GET THE MONEY TO BE GIVEN TO THE GOVERNMENT..DO U KNOW HOW MUCH MONEY WAS LEFT IN THE GOLD LABEL WHEN IT WAS FROZEN..IT WAS ONLY RM 10M…VS RM 100 M WORTH OF GOLD FROM THE CLAIMANTS ???????????? THE DIRECTORS HAVE ABSCONDED WITH THE MONEY VIA THEIR PROXY..MILLIONS HAVE BEEN SYPHON OUT OF THIS COUNTRY…N THEY HAVE NOTHING TO LOSE AS THEY HAVE PAID OFF THE POLIS, BANK NEGARA AND THE LAWYERS..EVERYONE HAS BEEN BROUGHT OVER ! THIS CASE HAS BEEN POSTPONED FOR 2 YEARS NOW…I AM TELLING YOU IT IS AS REAL AS IT GETS !!!!!

Reply

p c wong says 11 years ago

There have been a fair no. of questions as to whether TGG, APB, GENWORLD, etc etc , all the other goldcos in My and Sg who have made offers to rescue the GENNEVA victims by taking over their gold, are sincere in helping out, the plain answer is this:

WITH ALL THESE TERRIBLE GOLD SCAMS GOING ON, AND WITH ALL THESE RAMPANT RAIDS AND CLOSURES OF GOLDCOS ONGOING, YOU STILL WANT TO TALK ABOUT GOLD INVESTMENT IN THIS SHADY COMPANIES??

WITH THE MILLIONS OF WARNINGS ABOUT PONZI SCAMS AND FAKE GOLD, YOU STILL THINK TO TREAD IN THESE TREACHEROUS GROUNDS??

YOU WANT TO JUMP FROM THE HOTPOT TO THE FRYING PAN, AND THEN INTO THE FIRE..?? THERE IS NO LIMIT TO YOUR PENCHANT FOR SELF PUNISHMENT AND MASOCHISM..?

Reply

p c wong says 11 years ago

Troll, Troll, the Anon Me,

It is high time you shut up and buzz off!

Your house of GENNEVA has collapsed! Any other human being who has behaved as you have done in the last 6 months would be hanging down his head in shame, made a quick disappearing act, but not you! SHAME ON YOU,

IT IS VERY DANGEROUS FOR YOU NOW TO REVEAL AND CONFIRM YOUR TRUE IDENTITY, FOR AT THE VERY LEAST WHEN YOU WALK DOWN JLN KUCAI MAJU 6, YOU MAY WELL DROWN IN ALL THE SPITTLE THAT WOULD RAIN ON YOU,!!

You are hereby bestowed the new title of THE SHAMELESS ONE, in addition to the 100 epithets and curses that you have already justifiably earned on this blog.

Reply

Ms. Worry says 11 years ago

Why isn’t there any raids conducted on small scale gold cheating scam like preferred credential sdn bhd and amazing yield?

Reply

R.Alan says 11 years ago

Today I’ve been visited by a Gold Guarantee agent, his proposal is I trade in my Pageantry’s Pamp bar and continue the game with them, then he show me on his iPad the list of BNM alert list, he said that Gold Guarantee is approved by BNM and the list is proof. Of course I noticed that Gold Guarantee is not in the list. Can anyone confirm that they are legitimate with BNM?

Reply

Annoying Me says 11 years ago

GenNEVER ConSultants in deep denial and shifting blame to BNM
=============================================================

This post was hastily put at GenNEVER supporters’ Facebook, with very bad grammar, and was removed later. Screenshot is available at Lowyat:

http://forum.lowyat.net/topic/2265281/+1740

======

High Alert – Urgent – Must Read:

Dear All Consultants and Customers, BNM setting up trap for Genneva Malaysia..

BNM asking people to lodge Police Reports against Genneva in order to protect their (investors/purchasers) interest (since many have not got their gold yet. We know gold taken away despite all tag with Customers name ready for delivery).

Such act due to police insufficient evidence.

If We (Consultants/Customers) fall into this TRAP, our hard earn money with sweat and blood will then be robbed by BNM, here we thank this Reporter who tip us this emergency notice.

Urge everyone to be calm and continue your support spirit and do not act irrationally.

Please spread out this news to all your Consultants and Customers in order to protect our RIGHT and INTEREST. TQ.

=====

The GenNEVER Consultants are trying to pin the entire blame on BNM for taking away the gold belonging to the customers. Proves that there are holding periods when customers are deprived of their physical gold during purchase and sell back.

Reply

Genneva Customer Support says 11 years ago

HI after the Bank Negara raid about 80,000 customers in Malaysia are in a dilemma. A new facebook website to support these affected customers have just been created. We need the truth to be told urgently. Please join in the discussions and let the truth be known.

http://www.facebook.com/pages/Genneva-Customer-Support-Group/162867987187986

Reply

Annoying Me says 11 years ago

Joe Rodgers
06/10/2012 at 20:23 (UTC 8)

Reply

Since read the Star, did you read this or not?
http://thestar.com.my/news/story.asp?file=%2F2012%2F10%2F5%2Ffocus%2F12127137&sec=focus

Now don’t tell me he is another bullshitter and not a qualified business consultant……Except you who has succeeded to work all the way to the hill top.

===

Well here is the article, written by a so called Kim Meng from PJ, a “business ConSultant” of “over 18 years experience (?)”:

I HAVE been an entrepreneur and business consultant for over 18 years and have had the chance to study and formulate hundreds of business plans and financial models for various global brand multinational corporations (MNCs), SMEs as well as governments all over the world.
I am also an active investor and have invested my own money in a myriad of investment products and trading systems for over 15 years.
About two-and-a-half years ago, I was introduced to Genneva Malaysia’s business model.
The business model of Genneva is truly revolutionary, innovative and true to its spirit – a blue-ocean business strategy.
These are the same principles that our current Malaysian Government wants us to practise and build on.
The 24% to 36% returns that Genneva Malaysia offers is achievable because its underlying asset is physical gold bullion, plus Genneva Malaysia has an innovative system to generate even greater returns as a company.
Getting a return of +25% per annum with an upside of around +40% is possible with several trading and hedging systems.
It profits from every gram of gold they sell to clients at retail prices. Combined with the increasing price of gold plus with the hedging systems I just indicated, giving 24% to 36% every year is possible.
Genneva Malaysia’s business model is not a ponzi scheme and it’s definitely not a get-rich-quick scheme. Its business model is called a Wealth Sharing Platform, because that is what Genneva truly does. It shares its profit (and wealth) with its clients.
Genneva Malaysia’s biz is the new age biz model.
And what started as a Buatan Malaysia, five years ago, has since grown into one of the leading gold bullion traders across Asia with businesses in Singapore, the Philippines, Hong Kong and China (where Genneva has a 30-year operating licence in Beijing).
Anything new takes time to understand and lots of resistance to change, especially when there are incumbents whose business will be affected by such change and new models.
We, the customers, are truly grateful there is a Genneva Malaysia.
You may kill Genneva, but another will rise tomorrow with the same proven business model. It’s a matter of time that the banks and financial institutions will need to also adjust and change with the times.

KIM MENG
Petaling Jaya
===

Wealthing Sharing Platform ? Exactly what Anon Me said at Lowyat.

My take – he is like Joe Rodgers and Anon Me – successful bullshitters in in self denial hiding out at a shop lot in Kuchai Lama.

If Genneva is a legit company:

1. Why did they fail to comply with the rules and not submit the necessary statutory docs?

2. Why did they not act fast and clear their own name when they first got listed under BNM’s alert list?

3. Why did they list themselves as a trading company and yet sell their product like investment? They even call their clients investors. Shouldn’t they call them customers?

4. Why did Genneva S’pore also got raided at the same time? If BNM made a mistake or acting like bully, are you saying S’pore’s authorities are also making a mistake and bullying their citizens?

If Genneva really have a legitimate secret formula to generate such high returns:

1. Why did they not establish themselves as an investment company first?

2. Why did they not set up their company in Wall Street first? Surely they can make more money there, right?

3. Why do they need to operate like MLM and ask their customers to ‘recruit’ new customers? If their formula is so good, then they would have been famous even just by word of mouth. No need to spend more money paying incentive to the ‘consultants’. Ever heard Warren Buffet setting up a company and recruit like MLM?

4. Why operate from a shop lot in Kuchai Lama? Can’t they afford to rent an office in the Twin Towers? After all they are dealing with gold, right? A more prestigious address can only help boost the image right?

5. Why target all the aunties and uncles as clients? Should they not target the banks and financial institutions? Surely banks and financial institutions have way more capital to invest and make more money in a shorter period of time. Shouldn’t they at least have a corporate arm to sell to corporate clients? Surely companies want to make money too, right?

Imagine that Genneva has a team of people that can outperform even the best in Wall Street and can reduce Warren Buffet to a footnote. Why hide and pander to retail customers like uncles and aunties only?

Remember the last person who claimed to be able to consistently turn in profit just a tad higher than the Wall Street experts was Bernard Madoff. He’s behind bars now and is charged with running the biggest ever Ponzi scheme uncovered so far. If Genneva is legit, shouldn’t they come clean and prove to the world that they do have the magic formula? If they did this then they would be allowed to resume business and will have more customers than they could handle not only in M’sia but the whole world. Why aren’t they doing that?

====

Parting note:

1) Even as Anon Me denys it, Anon Me is a defender of GM2
==========================================

2) Anon Me is a serial liar and in self denial
=======================

3)Anon Me is a serial cloning expert in Uncle Martin’s blog
=========================================

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Lee Mei May says 11 years ago

Hi Joe,
1. Kim Meng in the Star
Paragraph 1 : No comment. That is his claimed track record.
2. Paragraph 2 : No comment without details being available.
3. Paragraph 3 : No comment as it is his personal experience.
4. Paragraph 4 : Please look up the meaning of a blue ocean business by going into the yahoo search engine and type in “blue ocean strategy pdf”
Go into the website : http://www.blueoceanstrategy.com/abo/what-is-bos.html
After this, if you still thinks that this guy is a blue ocean strategist, I have nothing to say. Suffice to say that, the pioneer with this scheme is Bestino and here there is so much competition with competitors trying to kill each other. Is this blue ocean?
5. Paragraph 5 : As our MamakKutty said, this is a half past six set-up.
6. Paragraph 6 & 7 : The goldco make a profit of 25% at the time of sale of the gold but this is returned to customer at the end of tenure. To make 24 – 36% of the purchase price, the goldco has to make what PC Wong calculated and not the +25 – 40% mentioned.
7. Paragraph 8 : As mentioned in 6 above, the profit is returned to buyer at the end of tenure. Gold price increase over the past 3 years averaged 25%.
8. Paragraph 9 : Where does the goldco get the money to be used in its Wealth sharing Platform? See item 7. Go back to basics as questioned by Errol Oh the Stars executive editor ” where does the money come from?”.
9. Paragraph 10 : See item 4 and talk to others who had been using this business model.
10. Paragraph 11 : Let us see. Sg also raided on o1/10.2012.
11. Paragraph 12 : If it is truly blue ocean, is this problem going going to be there?
12. Paragraph 13 & 14 : G1, the grandfather had the “parked-in”. G2 no hitch during its terms. G3 is bumi but the ambitious Caesars wants to be the “last goldco standing”. So it kicked its faithful partner down and brought in the PM’s cousin and enjoyed a glorious night with fat mama. Of course there is going to be G4, the sequel as Genneva World is being reeved up to take that role.
Good luck and god bless.
Sorry, I choose my humble abode and being near a gambling den doesn’t appeal to me.

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Lee Mei May says 11 years ago

Dear greenhorn,
The appointment of agents under the Direct Sales Regulations comes under the purview of the Ministry of Domestic Trade and Consumer affairs. Agents performing their duties are supervised by the Licence holder and all responsibilities is on the shoulders of the licence holder unless it can be proven conclusively that the agent had acted against the licence holder’s instructions. If the outfit does not have a licence and still appoints agents to do their bidding, then the responsibility rest with the outfit and not the agent. Most probably PC Wong can advise better.

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Lee Mei May says 11 years ago

The goldco had their closed door meeting yesterday where the con-sultans now form the front line to protect their lifestyle (golf, international schools for the kids,overseas holidays/education, luxury cars, bungelows and gold hoards). At such a meeting I would expect their smart punjabi lawyer to be there to brief their con-sultans on the legal implications but lo and behold, the management/con-sultans are still working on the emotional issues on people like Jinjang Joe.
BNM have listed the areas for their investigation, which are :
1. Illegal deposit taking;
2. Money Laundering;
3. Tax evasion and avoidance;
4. False description including misrepresentation;
5. Appointment of agents without licence;
6. Failure to lodge statutory document.
Why doesn’t the goldco’s lawyer just explain to the con-sultans the implications of these areas of investigation.
To be fair to BNM, they have issue repeated warnings against involvement with organisations in their alert list but the customers led by the con-sultans had been blinded by their greed and lure of easy money. Now, the main players in the goldcos may feel safer in the slammer than outside as there may be a lot of interested parties to recover their money not limited to the customers and con-sultans.
Today’s Star reported con-sultan Mary Irene Ooi, after a briefing by dato’ Kow, saying “Like other goldsmith shops, Genneva is also selling gold but on a different platform, in a scheduled and regulated manner”. Assume this is a UPSR question, true or false and that coming from a con-sultan.
The Star Executive Editor, Errol Oh, had in his write up “A thorough, swift probe of Genneva Malaysia shold end the debat” in the footnote the following : “Executive Errol Oh is still trying to figure out how Genneva Malaysia generate the profits that it shares with its customers”. Well it is part of the secret business model.
The government should set up a welfare scheme for these high powered con-sultans and customers to take care of all their lifestyle needs.

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KLbull says 11 years ago

Is that all the reply this Anon me supreme fool can muster now? The fraud is no longer able to stretch his rooster neck to crow because BNM slit his throat on 1.10 2012?
Now join the toads’ croaking party? Want a party date to go with that? What? No longer date fixated, cured by Dr BNM?

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KLbull says 11 years ago

This is my first post on this thread made on 13.10 2011 after doing some homework right after an approach made by a friend to get me to buy 1 kg Genneva gold.

‘Stripped down to its skeletal framework, I see Genneva as a ‘deposit taking’ scheme infused with an element of multilevel marketing, using physical gold as a blinder to distract and confuse participants. The deposit is the 25% premium paid upfront to buy physical gold. Focus on the 25% premium and not the gold bars to understand what Genneva is doing.’

There has been nothing since to make me change my mind about Genneva’s modus operandi.You can look at their business model from many different angles but it all boils down to one thing – ponzi scam. Why would slick crafty businessmen start an unsustainable business skirting on the edge of illegalities and doomed to failure? To share wealth & prosperity with complete strangers? What a laugh.

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Annoying Me says 11 years ago

All posts by Prof Low (wth logo) and Anon Me have revealed and proved beyond doubt that:

1) Anon Me is linked to Prof Low (with logo), as Prof Low (with logo)proudly claims
==============

2) Even as Anon Me denys it, Anon Me is a defender of GM2
==========================================

3) Anon Me is a serial liar
====================

4)Anon Me is a serial cloning expert in Uncle Martin’s blog
=========================================

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Annoying Me says 11 years ago

This was a comment made by Richard Chew on the Genneva Support group Facebook site which got deleted within a few minutes. I like to share his comment because I found that he explained the whole Scam very well.

“I can understand all the frustration that is being aired here. And it appears Genneva has been deliverying what they promised but forced to freeze their activities. .

However let me explain my view on the technical flaw in this scheme that warrants BNM to take such drastic action. My intention of giving my view is to help enlightened and hopefully will help many here to ask the right questions and direct it to the right party.

In any trading; there must be willing buyer & seller for a transaction to take place at a price agreeable by both parties. The seller will profit from the transaction and the buyer will receive the goods / service. Very clear cut exchange.

However in this scheme, technically the seller do not ‘realized’ its profit yet from the transaction because there is a contractual obligation that a monthly ‘gift’ of 2-3% is given to the buyer and the buyer has the option to sell back the gold at the original purchased price. In this aspect, the seller’s obligations to the buyer becomes a Liability to the seller. To put it in another words, it is the buyer that will receive the profits rather than the seller in this transaction scheme.

Therefore technically this transaction scheme cannot be deemed as trading because the seller doesn’t profit from the goods sold. If it is not trading then where does this lead to?

My next statement may sound absurd and may anger many of you here but please bear with me. My intention is to explain so we can have better judgement & help us understand why Bank Negara has to step in and take drastic measure.

I am saying this scheme is not trading because it is more inclined to money lending business which must be regulated under our Malaysia law. Yes, I just said it; this Genneva scheme is basically a money lending scheme misrepresented as gold trading scheme.

How can this be? You may say there is a sales purchase agreement and gold transacted then how can this be money lending? If its money lending scheme then who is lending to who?

In this scheme, you are the lender. Genneva is the borrower. You bear the financial risk, in return Genneva pays you the monthly interest as we know it as Hibah. At the end of the loan contract, Genneva returns the money to you. During the contract, you keep the gold bar as your collateral if in the event Genneva fails to pay; you don’t loose the full amount lent to Genneva.

If the deal is purely buy & sell with no contractual obligation; then it is clear curlt trading because seller profits and buyer keep the goods. But if there is a contractual obligations for monthly interest & buy back then it is surely money lending, the gold serves as the collateral; the lender profits and the borrower bears the liability.

This issuance of collateral gold is somewhat similar to companies issuing bonds to raise fund from the public. Bonds are meticulously regulated by Securities Commission & Bank Negara because it has to be secured against the company assets such as properties and etc.

The problem with Genneva is that they are not regulated and when they have more buyers (lenders) they are actually increasing the liabilities of the company while profit is not realized yet.

For a typical trading company, the more customers; the more goods trade out, the more profits realized. Clear cut profit realization. For example RM 1 billion of gold sold would generate certain amount of profit based on the profit margin.

However Genneva’s scheme, the more gold sold the more liability it creates for the company because of the obligations to buy back and pay the monthly gift. Therefore Bank Negara had to step in to ensure things are in order and to prevent it to get out of control. A small complaint would suffice to fuel the urgency for drastic action.

It is harsh but neccesary.”

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Annoying Me says 11 years ago

All posts by Prof Low and Anon Me have revealed and proved beyond doubt that:

1) Anon Me linked to is Prof Low (with logo), as Prof Low (with logo)proudly claims
==============

2) Even as Anon Me denys it, Anon Me is a defender of GM2
=========================================================

3) Anon Me is a serial liar
===========================

4)Anon Me is a serial cloning expert in Uncle Martin’s blog
===========================================================

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Annoying Me says 11 years ago

Anon Me linked to is Prof Low, as Prof Low proudly claims
=========================================================
Even as Anon Me denys it, Anon Me is a defender of GM2
======================================================
This proves beyond doubt Anon Me is a serial liar
=================================================
Also proves beyond doubt Anon Me is a serial cloning expert
===========================================================

As per Anon Me’s post below, it proves that since BNM raided GM2, the appearance of many pro-GM2 warrieris here in this blog, like Prof Low, Joe Rodgers etc is the work af Anon Me creating multiple clones.

—-
Anonymous me
05/10/2012 at 15:20 (UTC 8)

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Hahahaha. 3 posts all from Prof Low. Maybe if I post 3 times also that Annoying Me is linked to Prof Lee, or Najib, or Dato K, or chef Wan, then it will be confirmed as well.
—-

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greenhorn says 11 years ago

BNM Update on the Joint Raids on Genneva Malaysia Sdn Bhd:

On 1 October 2012, joint raids were carried out on several premises of Genneva Malaysia Sdn Bhd as well as on the residences of the Directors of the company by the Royal Malaysian Police, Bank Negara Malaysia, Ministry of Domestic Trade, Cooperatives and Consumerism and the Companies Commission of Malaysia.

Genneva Malaysia Sdn Bhd and its related companies are being investigated by the relevant enforcement agencies for suspected offences which include illegal deposit taking, money laundering, tax evasion and avoidance, false description including misrepresentations, appointment of agents without licence and failure to lodge statutory documents.

Relevant assets and documents of the companies seized from the raid will be preserved for the purpose of facilitating the investigations. The relevant enforcement agencies have mobilised the necessary resources to expedite the investigations.

Members of the public are advised to check with the relevant authorities when dealing with companies or individuals offering seemingly attractive business opportunities or financial services that are not licensed by the authorities. Members of the public are reminded to be cautious in investing in unregulated schemes. The enforcement agencies will take action on illegal financial schemes to protect the interest of the investors and the public at large.

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Warga Emas says 11 years ago

Pageantry Gold was raided today, I was there from 8pm until 12am. They took files, computers and gold. I ada kesempatan to ask the officers what is this operasi is about? the company was frozen before and released. He replied, all gold trading companies must be checked, old or new, clean or dirty.

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greenhorn says 11 years ago

Press Statement by Bank Negara on 05 Oct 2012:

Update on the Joint Raids on Genneva Malaysia Sdn Bhd

On 1 October 2012, joint raids were carried out on several premises of Genneva Malaysia Sdn Bhd as well as on the residences of the Directors of the company by the Royal Malaysian Police, Bank Negara Malaysia, Ministry of Domestic Trade, Cooperatives and Consumerism and the Companies Commission of Malaysia.

Genneva Malaysia Sdn Bhd and its related companies are being investigated by the relevant enforcement agencies for suspected offences which include illegal deposit taking, money laundering, tax evasion and avoidance, false description including misrepresentations, appointment of agents without licence and failure to lodge statutory documents.

Relevant assets and documents of the companies seized from the raid will be preserved for the purpose of facilitating the investigations. The relevant enforcement agencies have mobilised the necessary resources to expedite the investigations.

Members of the public are advised to check with the relevant authorities when dealing with companies or individuals offering seemingly attractive business opportunities or financial services that are not licensed by the authorities. Members of the public are reminded to be cautious in investing in unregulated schemes. The enforcement agencies will take action on illegal financial schemes to protect the interest of the investors and the public at large.

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Nasi Kandair says 11 years ago

I thought I just saw Martin Lee posting here?
Why suddenly disappeared already?

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Lee Mei May says 11 years ago

Hi Jinjang Joe,
My friend just email me pictures showing con-sultant streaming into the goldbeam office and mentioned that it is for an emergency meeting. Don’t know whether it is to celebrate the acquital of the 3 directors from AMLA & BAFIA charges or to break the sad news of their being found guilty or whether it is to organise the March to Putrajaya. Anyway, they promised to sent me a beat by beat recorded account of the event. I guess you need to rush or you have to be lining the staircase or like me watching from a remote, that is, if you have a brave trustworthy friend like what I have.
Good luck

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Lee Mei May says 11 years ago

Dear Farmer Gold,
Thank you for bring to my attention the misconception that I am a supporter of TGG. Please re-read 5th line from the bottom of my posting on 5/10/2012 at 8.30 am UTC 8 which reads :Ha, Ha, Hah! I don’t need any sugar daddy, much less one who is involved with ponzi schemes (note the plural SCHEMES) and TGG is the second scheme that I know dato’ K is involved in. I trade gold and am not ashame to say that I profited tremendously but not participating in any of the goldco using dubious business models. Any inconvenience caused is regreted.

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Annoying Me says 11 years ago

Anon Me linked to is Prof Low, as Prof Low proudly claims
=========================================================
Even as Anon Me denys it, Anon Me is a defender of GM2
======================================================
This proves beyond doubt Anon Me is a serial liar
=================================================

Prof Low
02/10/2012 at 13:53 (UTC 8)

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Hey Anonymous me,
That is the fake Prof. I am on your side.

————
Prof Low (original)
02/10/2012 at 19:12 (UTC 8)

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Hello fake Prof Low,
The difference between you (the fake) and I the original is that you are anti-GM2 and while I am pro-GM2 …..got it?

I still say GM2 is the best in town because they are doing legitimate business!!
I also fully encourage liang chi to buy gold from the GM Sg.

———

Prof Low
02/10/2012 at 17:21 (UTC 8) Link to this comment

Reply
Hello fake Prof Low, I don’t call Anon Me — Son.
He is a my member.
Don’t simply call anonymous people your son unless you cannot produce one!

———-

These 3 posts confirmed the link between Anon Me and Prof Lee.

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Prof Low says 11 years ago

KLbull
05/10/2012 at 11:48 (UTC 8)

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Prof, are you considering buying just one Porsche for yourself? What about son Anon me? Since money is no problem, thanks to GM2 gold buyers, does he not deserve his own Porsche? Just think of it, the two of you racing around Putrajaya in two matching Porsche cars in full view of the exhausted 60,000 odd marching supporters! You two will be the envy of them all.
—-
What a bloody good idea. I’ll have 2 then. Anyway, it is OPM (other’s people money) for me to spend.

Alright, it confirm then, 1 for me, 1 for Son Anon Me.

Supporters of Genneva, don’t be surprised to see 2 shiny Porsche on the big day itself in Putrajaya.

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Farmer Gold says 11 years ago

Lee Mei May…a real disapointment of you..

I have been noticed you post many comments here and respect you of against on GENNEVA ponzi scheme..

But it seems like you are from TGG another bastard company, look at the way LST behave….he face is no better than a S.H.I.T….

Lee Mei May…i hope you can clarify on your stand with this TGG another idiot company that CONvince people to join their ponzi scheme…

If you are from TGG…i personally feel that you are worse than all GENNEVA consultant here and shameful of what you are trying to CONvince other that TGG is different to GENNEVA…

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Prof Low says 11 years ago

KLbull
05/10/2012 at 10:04 (UTC 8)

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Dear Prof Low,

What model of BMW do you intend to get? May I recommend the BMW X5 series, model xDrive35i retailing @ RM588k which I think is eminently suitable. This sports utility vehicle looks good, drives beautifully and is well fitted with high tech gadgets. Its high ride and superbly tinted glass ensure your good self and son Anon me can clearly view those sweaty GM2 supporters marching to Putrajaya while remaining discreetly out of sight in air conditioned comfort. You can take delivery of the X5 in 2 weeks.
—-

Dear KLBull,

I already have that car. Still looking for another car. You can recommend me a Porshe?

Sometimes having too much of OPM (other people’s money) also headache, don’t know where to spend or what to spend on. I can only blame those stupid investors who willingly pay premium for my GM2 gold, hoping to get the 2% hibah. In doing so they willingly enriched my coffers.

Thanks loyal supporters of GM2 for your loyal patronage. See you all at the march towards Putrajaya. I will sponsor some 100plus isotonic drink for your thirst !

Make sure you return to us when we open GM3 to buy gold from us. As we always promised – we leave behind a legacy for you ! We’ll probably invite the governor of BNM to do the gala opening of GM3 for us.

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Lee Mei May says 11 years ago

Dear Jinjang Joe,
Please read carefully what I had written. Otherwise innocent visitors to this blog may think that you have reading disability or come from some “International” school. For your information, I enjoy my life style living in Kenny Hills and don’t even dream of moving to Kepong with its huge African population operating scams to milk Malaysians. I don’t need to decend to your level of gutter mentality or share your nightmares.

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