Scam of the 21st century...Bre-X
And the idiots on some IHub forums think "we" have no clue regarding means and methods to run a gold fluff stock sale.
The Bre-X Gold Scandal
First there is a gold mountain, then there is no mountain....
Start with the biggest deposit of gold ever reported, in the headwaters of the Busang River in the steaming jungle of Borneo. The Canadian company Bre-X Minerals Ltd. didn't know about that when it bought rights to the site in 1993. But after Bre-X hired a high-living geologist to map the ore body, the deposit, along with the fever dreams that accompany gold, grew to monster size—by March 1997 that geologist was talking about a 200-million-ounce resource. You do the math at, say US$500 per ounce.
SNIP: The Curtain Falls
Meanwhile a storm of securities lawsuits arose around Bre-X, which vigorously protested the whole unfortunate series of misunderstandings. But it was too late. The collapse of Bre-X cast a cloud over the gold mining industry that lasted into the next century.
David Walsh decamped to the Bahamas, where he died of an aneurysm in 1998. Bre-X's chief geologist, John Felderhof, eventually went on trial in Canada but was acquitted of securities fraud in July 2007. Apparently in selling part of his stock holdings for $84 million in the months before the scandal hit he had not been criminal, just too stupid to catch the fraud.
And I have been told that Michael de Guzman has been seen in Canada, years after the scandal. The explanation would be that, as was rumored at the time, an anonymous corpse was thrown from the helicopter. You could say the very jungle had been salted as well as the ore bags.
to catch a fish is not all of fishing. Zane Grey Tales of Swordfish and Tuna 1926
