Brex Scandal Do You Trust The Stock Market???
cashforex101.blogspot.com Calgary-based Bre-X claimed to have discovered a huge gold deposit in the jungles of Borneo in Indonesia. The news sent the companys stocks skyward, but soon after the initial excitement, an independent mining consultant discovered that Bre-X had salted, or sprinkled with gold dust, its drill core samples, vastly overstating their value (see Geotimes, December 2002). Investors lost about $6 billion when the fraud came to light. Felderhofs acquittal closes the case, as he was the only person who faced criminal charges in connection with the scandal. The other senior executives died since the company disintegrated: Geologist Michael de Guzman died after falling out of his helicopter in 1997 and Bre-Xs former CEO David Walsh was found dead after suffering a brain aneurysm in 1998. According to Judge Hryn, the Bre-X scandal opened a new chapter in the history of mining fraud. The tampering was unprecedented, he said in his decision. That was part of the reason why neither Felderhof nor anyone else became suspicious sooner, he said. The mining industry did not suspect that such sophisticated tampering on such a scale could occur and was not actively looking for it.
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