GeniusFunds are still operating but it seems that they may be struggling with the cash flow. Today (08-March-2010) Michalis Costandines (who is premium account manager in Genius Investments Limited) sent e.mails to a number of GeniusFunds customers with a "special offer":
Dear xxxxxxxxxxxxxx,
My name is Michalis Constandines and I am your new account manager. Your account has been upgraded to premium status and it is my pleasure to invite you to participate in an excellent investment opportunity offered by invitation only, to a limited number of Genius clients.
We are introducing WBMF Select fund which will consist of three share types:
WBMF Select 1: $2000 - $25,000
WBMF Select 2: $25,001 - $50,000
WBMF Select 3: $50,001 +
The minimum investment into this fund is $2000. The investment must be a new deposit and not be proceeds of share sales or profits generated by your current investment. There are no minimum or maximum reinvestment requirements for this fund.
There is no no-sale term for this fund, however, sales of shares within the first 30 days of investment will be subject to 25% early sale penalty. There will be no penalty or fee for sales of shares after the 30 day period following the initial investment.
I have enabled access to this fund for you. You may purchase shares of WBMF Select from your Genius account portal. The dividend rates paid on shares on this fund are fixed at the following values:
WBMF Select 1: 10.2% per week
WBMF Select 2: 11.6% per week
WBMF Select 3: 12.3% per week
Dividends are paid every Monday. The first dividend will be paid on the first Monday after the purchase of shares.
The formal offer is attached hereto in PDF format. If you have any questions, don't hesitate to e-mail me at any time.
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Sincerely Yours,
Michalis Constandines
Premium Account Manager
Genius Investments Limited
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Customer Support Hotline
Tel. +357 25 025067
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What do you think? Is the end of GeniusFunds coming or not yet? 10.2% a week is way too much and no one will believe it (for example PayPal's money market is 0.04% per a week). I don't think anybody will invest 2000+ and the "fund" will go under pretty soon.
Some time later today I received another e.mail from the same person:
I am sorry, but the invitation in my previous message was sent to your e-mail address by mistake. The fund in the message is not yet marketed to our investors and you have not been offered to invest in it. I will notify you again if and when the offer to invest in this fund will be made to you.
Sincerely Yours,
Michalis Constandines
Premium Account Manager
Genius Investments Limited
As usual I googled it and what do you think... more than a dozen of people are sharing the same:-) We are all so so so sooo special for GeniusFunds right now. Cheers