Ex-GM of gold investment firm Genneva sentenced to 56 months' jail for fraudulent trading

SINGAPORE - The former general manager of Genneva, a gold investment company which owed its customers gold bars worth almost $45 million in total, was sentenced to 56 months' jail on Thursday .

The company subsequently implemented a"Gold Inspection" scheme on Aug 17, 2012, under the direction of its Malaysian directors. Instead, the company disposed of the gold bars it had collected, including selling the bars to new clients or pawning them for cash. Genneva started to default on returning gold to its customers from Sept 7, 2012, but continued to operate the scheme and collect gold from its clients.

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