26 Sep '12, 2pm

Genneva Gold Trading Firm Sued by Customer

According to Business Times, Genneva Gold Trading Firm is getting sued by its customers. So far one customer has won a judgment against the firm in the Subordinate Court and is awaiting assessment of damages. A second claim has been filed and a group of 60 which represent $10 million in purchases are consulting lawyers to sue. This scheme came to my attention some time ago and I am glad to see that there is finally some action taken against it. One look at the business model tells me that it is an unsustainable business, in fact, almost any scheme with guaranteed returns too good to be true is. How it works is that Genneva sells gold to its customers at a 20-30% premium but tells them they are getting 2% discount below headline prices. Genneva guarantees the return by agreeing to buy back in one month time at headline … Read the full article → If you enjoyed this article, ...

Full article: http://thefinance.sg/2012/09/26/genneva-gold-trading-firm...

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