Bre-x minerals ltd was a canadian gold exploration company that perpetrated one of the biggest mining scams and frauds in canadian history bre-x minerals was formed by former stockbroker david. Bre-x, a minerals exploration company, was founded by walsh in 1989 as a subsidiary of bresea resources, a company that struggled in its early years walsh tapped geologist john felderhof, a fellow canadian in a similar debt-filled situation, to find new projects to boost bre-x's prospects on the stock market. The history books will add the bre-x saga to other legendary frauds like the south sea bubble when the bre-x bubble burst, the stock that had soared from fifty cents in 1994 to the equivalent of $286 in 1996 was worth nine cents in may 1997, before trading halted forever and the busang deposit. The bre-x scandal is the perfect example of a true fraud that results from dishonest and deceitful business ethics, morals, and principlesthe bre-x scandal is considered to be the biggest mining and gold scandal of all time, and one of the biggest stock scandals in canadian history. Unlock in-depth intelligence about bre-x minerals ltd as data gatherers for over 30 years, mining intelligence is your trusted resource to put critical and timely information at your fingertips.
Bre-x 217 likes the first major hollywood feature film to tell the true story about bre-x and the $6 billion scandal considered the greatest fraud in. Bre-x minerals ltd, a member of the bre-x group of companies, was a junior canadian mining company that was once reported to be sitting on an enormous gold deposit at busang, indonesia (on borneo. David g walsh, a journeyman stock promoter whose gold mining company, bre-x minerals, was at the center of a fraud that wiped out the holdings of investors in canada and the united states, died.
David walsh (11 august 1945 - 4 june 1998) was a canadian businessman in the oil and gas and mining industries biography [ edit ] walsh was founder and ceo of the canadian mining company bre-x , which was involved in one of the largest stock market scandals in canadian history. Bre-x was a group of canadian gold producing companies in the 1990s based in calgary, bre-x purchased a gold producing property in busang, indonesia, in borneo in march 1993. Bre-x: the inside story [diane francis] on amazoncom free shipping on qualifying offers for 2 years, bre-x was the darling of the world's stock markets millionaires were created over night until the scam was uncovered. Bre-x stock went from $045 to hundreds of dollars and then to three cents walsh, the stock promoter and bre-x president, is described again and again as innocent and is made to look so helpless the reader tends to excuse him. In 1993, an obscure prospector stumbled across a neglected property in borneo and turned it into a mining site worth billions michael de guzman fooled both the mining industry and the entire.
Written by the globe and mail's investment editor, douglas goold, and columnist andrew willis, the bre-x fraud is a readable, sharp-focused narrative that recounts the story of bre-x's catapult from a penny stock to a fraud that rocked the investment community. Bre-x had been a penny stock, but as the estimated amount of gold at the site went from 2 million troy ounces to a whopping 70 million ounces a few years later in 1997, the stock price climbed to $280 per share. - bre-x stock went from $30 per share, to $28000 - there were some independent geologists that saw flaws in he samples - the gold's shape was inconsistent with gold from a 'normal' core sample.
Bre-x collapses it was a cool night in jakarta and the shangri-la hotel was all aglitter valentine's day, 1997 young couples swayed through the lobby, the ladies carrying helium heart-shaped balloons and single roses. Bre-x was a group of companies in canada bre-x minerals ltd, a major part of bre-x based in calgary, was involved in a major gold mining scandal when it reported it was sitting on an enormous gold deposit at busang, indonesia (in borneo. Bre-x's market cap plunged by a billion dollars to offset this, de guzman ramped up the amount of gold flake showing up in the core samples, and the stock soared again the shareholders were pleased. Brex corp is a full service excavating and general contractor we service public and private sector clients in the construction of roads, water, sewer and dry utilities, sub-divisions, commercial, industrial, and residential sitework.
Introduction bre-ex construction has become an integral part of the london and area construction community bre-ex is a major participant in the construction of water supply, sewage, and storm water infrastructure throughout southern ontario. Bre-x stock collapsed, incinerating more than $1 billion in capital walsh denied knowing anything about the fraud and moved to the bahamas where he died of a heart attack two years later and felderhof fled to the cayman islands, which has no extradition agreement with canada for white collar crimes. Bre-x was a group of companies in canada bre-x minerals ltd , a major part of bre-x based in calgary , was involved in a major gold mining scandal when it reported it was sitting on an enormous gold deposit at busang, indonesia (in borneo .