Wer kann sich noch erinnern? The Bre-X Scandal Ends - 500 Beiträge pro Seite
eröffnet am 01.08.07 10:33:02 von
neuester Beitrag 02.08.07 01:06:47 von
neuester Beitrag 02.08.07 01:06:47 von
Beiträge: 6
ID: 1.131.114
ID: 1.131.114
Aufrufe heute: 0
Gesamt: 743
Gesamt: 743
Aktive User: 0
Top-Diskussionen
| Titel | letzter Beitrag | Aufrufe |
|---|---|---|
| heute 20:17 | 3359 | |
| vor 1 Stunde | 3120 | |
| 08.05.24, 11:56 | 2640 | |
| heute 17:59 | 2623 | |
| heute 11:52 | 2549 | |
| vor 32 Minuten | 2160 | |
| vor 58 Minuten | 1791 | |
| vor 29 Minuten | 1666 |
Meistdiskutierte Wertpapiere
| Platz | vorher | Wertpapier | Kurs | Perf. % | Anzahl | ||
|---|---|---|---|---|---|---|---|
| 1. | 1. | 18.772,85 | +0,46 | 131 | |||
| 2. | 3. | 0,2170 | +3,33 | 125 | |||
| 3. | Neu! | 8,8800 | +57,45 | 108 | |||
| 4. | 4. | 168,47 | -2,04 | 103 | |||
| 5. | 14. | 5,7540 | -2,18 | 56 | |||
| 6. | 2. | 0,2980 | -3,87 | 50 | |||
| 7. | 5. | 2,5600 | -6,91 | 49 | |||
| 8. | 7. | 6,8000 | +2,38 | 38 |
Feedback
The Bre-X Scandal Ends: Chief Geologist Found Not Guilty
The Bre-X gold scandal - the sample falsifying scam that rocked the mining world 10 years ago - came to a close today. John Felderhof, the former Bre-X chief geologist and only living key figure in the saga, was found not guilty of insider trading and misleading investors, ending a seven-year trial and bringing closure to what is touted as the biggest mining fraud in history.
The scandal unfolded in the mid-1990s when Calgary-based Bre-X Gold Minerals Ltd., founded by Felderhof and former CEO David Walsh in 1989, reported to have found a large gold deposit in Busang, Indonesia. Bre-X bought the property in 1993 and named geologist Michael de Guzman project manager.
By 1995, the company was claiming the deposit could contain more than 30 million ounces of gold. Bre-X kept raising the amount in the potential deposit year by year, and by 1997, the company estimated the site contained 70 million ounces.
As the hype grew, so did Bre-X share prices. Originally too small to trade on any major exchanges, Bre-X saw its prices soar to more than C$200 per share on the Toronto Stock Exchange in 1997.
The scam began to unravel in March 1997. Bre-X was facing conflicts with the president of Indonesia, who did not want Bre-X to control the Busang site alone. Bre-X agreed to partner with U.S. miner Freeport-McMoRan Copper & Gold [NYSE:FCX], and the company began an evaluation of the deposit, which Felderhof began claiming could hold as much as 200 million ounces of gold.
In a matter of days, Bre-X - and the lives of those involved - began to fall apart.
In March, de Guzman fell from a helicopter to his death in the Indonesian jungle. Authorities called his death a suicide, but rumours of a murder or a faked death began to circulate. Although a body was found, it was badly decomposed; a newspaper recently reported that Guzman might actually be alive and in hiding.
Shortly after, Freeport released its evaluation of the Busang deposit, showing insignificant amounts of gold at the site. Bre-X brought in a third party consulting firm, Strathcona Mineral Services, to conduct another review.
Strathcona shocked Bre-X shareholders with its findings in May 1997. The Busang mine was a hoax, the company said. Furthermore, ore samples had been falsified: Strathcona said the samples had been salted with gold from other parts of the world and shavings from gold jewellery.
Bre-X’s stock plummeted. It is estimated that investors lost about C$3 billion, setting off rounds of lawsuits and investigations.
David Walsh died in 1998 from an apparent brain aneurysm, leaving only Felderhof to face charges.
In 1999, the Ontario Securities Commission accused Felderhof of four counts each of insider trading and misleading investors for selling C$84 billion worth of Bre-X stock in 1996 and not disclosing correct information about the gold deposit to investors.
Other charges brought against Felderhof have not been pursued. In 1999, the Royal Canadian Mounted Police decided not to charge Felderhof due to lack of evidence.
Felderhof’s trial began in October 2000 but was delayed by years of legal battles. He has not appeared at the trial since March 2005, and he never took the stand to defend himself against the allegations. Closing arguments wrapped up nearly a year ago in August 2006.
Others in Felderhof’s life have maintained his innocence for him. His ex-wife, Ingrid Felderhof, recently told The Globe and Mail that she believes he had nothing to do with the falsification, despite personal issues with her ex-husband.
Felderhof’s lawyer argued that the former chief geologist was unaware that the ore samples had been tainted. Prosecutors stated that Felderhof ignored many signs of problems at the Busang site, but Judge Peter Hryn ruled that the “red flags” were not clear to Felderhof and the evidence was not strong enough to convict him.
Although the saga is over for Felderhof, who is rumoured to be living quietly with his third wife in either Bali or Nova Scotia, the ruling is no comfort to the investors who lost millions in the fraud and have little hope of getting their money back.
Two lawsuits are still proceeding slowly in Canada, while another class action suit in Texas was dropped in 2005. The Ontario Securities Commission may consider an appeal.
This month, Southwestern Resources [TSX:SWG] brought flashbacks of the Bre-X scandal when they revealed ore samples had been tampered.
Analysts are urging Southwestern to learn from Bre-X’s mistakes in order to recover and avoid facing the same fate as Bre-X.
The Bre-X gold scandal - the sample falsifying scam that rocked the mining world 10 years ago - came to a close today. John Felderhof, the former Bre-X chief geologist and only living key figure in the saga, was found not guilty of insider trading and misleading investors, ending a seven-year trial and bringing closure to what is touted as the biggest mining fraud in history.
The scandal unfolded in the mid-1990s when Calgary-based Bre-X Gold Minerals Ltd., founded by Felderhof and former CEO David Walsh in 1989, reported to have found a large gold deposit in Busang, Indonesia. Bre-X bought the property in 1993 and named geologist Michael de Guzman project manager.
By 1995, the company was claiming the deposit could contain more than 30 million ounces of gold. Bre-X kept raising the amount in the potential deposit year by year, and by 1997, the company estimated the site contained 70 million ounces.
As the hype grew, so did Bre-X share prices. Originally too small to trade on any major exchanges, Bre-X saw its prices soar to more than C$200 per share on the Toronto Stock Exchange in 1997.
The scam began to unravel in March 1997. Bre-X was facing conflicts with the president of Indonesia, who did not want Bre-X to control the Busang site alone. Bre-X agreed to partner with U.S. miner Freeport-McMoRan Copper & Gold [NYSE:FCX], and the company began an evaluation of the deposit, which Felderhof began claiming could hold as much as 200 million ounces of gold.
In a matter of days, Bre-X - and the lives of those involved - began to fall apart.
In March, de Guzman fell from a helicopter to his death in the Indonesian jungle. Authorities called his death a suicide, but rumours of a murder or a faked death began to circulate. Although a body was found, it was badly decomposed; a newspaper recently reported that Guzman might actually be alive and in hiding.
Shortly after, Freeport released its evaluation of the Busang deposit, showing insignificant amounts of gold at the site. Bre-X brought in a third party consulting firm, Strathcona Mineral Services, to conduct another review.
Strathcona shocked Bre-X shareholders with its findings in May 1997. The Busang mine was a hoax, the company said. Furthermore, ore samples had been falsified: Strathcona said the samples had been salted with gold from other parts of the world and shavings from gold jewellery.
Bre-X’s stock plummeted. It is estimated that investors lost about C$3 billion, setting off rounds of lawsuits and investigations.
David Walsh died in 1998 from an apparent brain aneurysm, leaving only Felderhof to face charges.
In 1999, the Ontario Securities Commission accused Felderhof of four counts each of insider trading and misleading investors for selling C$84 billion worth of Bre-X stock in 1996 and not disclosing correct information about the gold deposit to investors.
Other charges brought against Felderhof have not been pursued. In 1999, the Royal Canadian Mounted Police decided not to charge Felderhof due to lack of evidence.
Felderhof’s trial began in October 2000 but was delayed by years of legal battles. He has not appeared at the trial since March 2005, and he never took the stand to defend himself against the allegations. Closing arguments wrapped up nearly a year ago in August 2006.
Others in Felderhof’s life have maintained his innocence for him. His ex-wife, Ingrid Felderhof, recently told The Globe and Mail that she believes he had nothing to do with the falsification, despite personal issues with her ex-husband.
Felderhof’s lawyer argued that the former chief geologist was unaware that the ore samples had been tainted. Prosecutors stated that Felderhof ignored many signs of problems at the Busang site, but Judge Peter Hryn ruled that the “red flags” were not clear to Felderhof and the evidence was not strong enough to convict him.
Although the saga is over for Felderhof, who is rumoured to be living quietly with his third wife in either Bali or Nova Scotia, the ruling is no comfort to the investors who lost millions in the fraud and have little hope of getting their money back.
Two lawsuits are still proceeding slowly in Canada, while another class action suit in Texas was dropped in 2005. The Ontario Securities Commission may consider an appeal.
This month, Southwestern Resources [TSX:SWG] brought flashbacks of the Bre-X scandal when they revealed ore samples had been tampered.
Analysts are urging Southwestern to learn from Bre-X’s mistakes in order to recover and avoid facing the same fate as Bre-X.
Felderhofs bruder ist übrigens ceo von acadian mining
das ist allerdings keine luftbude
produzieren bereits
das ist allerdings keine luftbude
produzieren bereits
Antwort auf Beitrag Nr.: 30.963.478 von Asynchronmaschine am 01.08.07 10:39:54Produzieren die Luft ??
Antwort auf Beitrag Nr.: 30.966.874 von granitbiss am 01.08.07 14:35:58Acadian ist übrigens einer der Toppoicks vom Mining Spekulator, den ich abonniert habe. Wer Tauschinteresse hat ( RSR oder ähnliches zu bieten hat ), bitte melden per BM !
mfg
supertai
mfg
supertai
Trading Spotlight
Antwort auf Beitrag Nr.: 30.972.337 von Friseuse am 01.08.07 20:37:02Aber ohne Fallschirm, oder... 
Grüsse...
Grüsse...
DurchsuchenBeitrag zu dieser Diskussion schreiben
Zu dieser Diskussion können keine Beiträge mehr verfasst werden, da der letzte Beitrag vor mehr als zwei Jahren verfasst wurde und die Diskussion daraufhin archiviert wurde.
Bitte wenden Sie sich an feedback@wallstreet-online.de und erfragen Sie die Reaktivierung der Diskussion oder starten Sie eine neue Diskussion.
Meistdiskutiert
| Wertpapier | Beiträge | |
|---|---|---|
| 88 | ||
| 68 | ||
| 55 | ||
| 41 | ||
| 36 | ||
| 25 | ||
| 17 | ||
| 12 | ||
| 12 | ||
| 12 |
