Felderhof acquitted on Bre-X securities charges

[CBC News]

John Felderhof — the only person to face charges in the Bre-X Minerals gold scandal of a decade ago — has been acquitted of all insider trading and other securities charges he faced.
The verdicts were released in the Ontario Superior Court Tuesday morning.
Felderhof was the company's former vice-chairman and chief geologist. The Ontario Securities Commission accused him of eight Securities Act violations — four counts of illegal insider trading and four counts of sending out misleading news releases.
Felderhof sold $84 million worth of Bre-X stock in 1996, just before the company's supposedly rich gold project in Busang, Indonesia, was exposed as a fraud.
The Ontario Securities Commission has alleged that Felderhof illegally acted on insider information when he sold the shares. The OSC has also accused him of putting his name to news releases the regulator said he should have known were misleading. He has denied all the allegations, saying he was taken in like everyone else.
The Bre-X Minerals fiasco is the most notorious saga in Canadian mining history. The Calgary-based company was a stock market darling from 1995 to 1997.
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[Dreadful Nonsense]

did they or did they not plant gold where this mine was suppossed to be...i recal something like that....better read whole article....brb

 

[Dreadful Nonsense]

Yeah they did plant it....so like it was a company of three....and like he did not know this was happening????...I think i read where mulroney made millions on that ya know he sold his shares before it fell through, and he knew those guys as friends...i'm sure that was in the news..

 

[Toro]

What a joke.

If I ever decide to take up a life of white collar crime, I'm moving to Canada.

 

[tamarin]

You're right, Toro, we do a terrible job at prosecution here. That's old news. But going back to the heyday of Bre-X: what a trader's dream! I well remember the countdown to its delisting on the TSE. Lots of volatility, lots of volume. Ideal for the likes of you to skip in and out and put green in the bank. Weeks and weeks of it. Almost heaven!