News Formal

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

  • 📰 The Straits Times
  • ⏱ Reading Time:
  • 22 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 12%
  • Publisher: 63%

South Africa News News

South Africa South Africa Latest News,South Africa South Africa Headlines

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 (July 30).. Read more at straitstimes.com.

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.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 8. in ZA
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Credit Suisse to merge investment bank and trading in major revamp: SourcesZURICH (BLOOMBERG) - Credit Suisse Group is set to announce a sweeping overhaul of its business as chief executive officer Thomas Gottstein seeks to tighten controls and boost the performance of the investment bank.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »

Credit Suisse to merge investment bank and trading in revamp: sources[ZURICH] Credit Suisse Group is set to announce a sweeping overhaul of its business as chief executive officer Thomas Gottstein seeks to tighten controls and boost the performance of the investment bank. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »