VGMC - A Ponzi Scam? I

So I thought this was a scam all along, and still went in with my eyes wide open. It was only hoped that I could've gotten out early with some nice gains before the shit hit the fan.

They were incorporated out of Panama, had a vague business model with no details, a phony management team, and offered too-good-to-be-true returns.

Now my funds are stuck (for good perhaps) and I guess I'll have to write it off.

Sadly it's true that old adage that if it's too good to be true, it probably is. If you thought that Geneva gold scam was bad, this is gonna rock someone's socks off. This supposed gold investment actually paid out more than 10% in dividends a month!

From being able to withdraw funds daily, it became weekly, then fortnightly and finally monthly, and now not at all.

On paper, I had already more than doubled my initial investment just 6 months into entering into this alleged scam.

Supposedly our gold shares are now being converted into a fund to be listed on the Danish stock exchange by end 2013.

Haha.

I guess everyone's panicking about their money now. Pity those who bet the whole farm on this scam.

This one guy in the forum claimed to have borrowed RM500,000 from the bank to sink into this rotten egg! Sucks to be him man.

I'll post more updates as and when they release more news of the 'new structure'. Meanwhile if you so unfortunately happen to be a shareholder like me, then better to assume that your investment has been zero-rized.

Hope for the best but expect the worst.

Sobz.

VGMC Website