David walsh gold

Bre-X Minerals Ltd.

No, the real company, Bre-X Minerals Ltd. It was so small that Walsh initially ran it out of his basement. For legal reasons and to make the story more appealing, the movie relocates the company to Reno, Nevada and calls it Washoe Mining Inc. Calgary-based Bre-X Minerals Ltd. While fact-checking the Gold movie, we discovered that the filmmakers transplanted the story to the late s. The Bre-X Minerals scandal actually happened in the mids. In , the small Canadian mining company Bre-X claimed a massive gold find deep in the jungle in the Busang area on the Indonesian island of Borneo.

David walsh gold

Real life can be stranger than fiction, which is why stories from the news often form the basis of scripts for the big screen. What follows is a series of timelines, photos and newspaper articles that tell the story that inspired the movie Gold , starring Matthew McConaughey. This is the real-life story and scandal of Bre-X. The compilation starts with a story published on the year anniversary of the Bre-X collapse, in which two Postmedia journalists — Suzanne Wilton and Ted Rhodes — went back to the Indonesian jungles where the gold fraud started. Yopinus, a former Bre-X employee, used his machete to hack into the site of the former office, now reclaimed by the Borneo jungle. But a decade after the junior Calgary exploration company imploded, the locals still search for gold. They crush rock with primitive machines, seeking any fragment of precious bullion that the jungle might give up. Instead, Maliangga and a half-dozen other Indonesians are more interested in the recipe to make a fortune. It is the centre of an unprecedented scam, the ideal location to manufacture a motherlode and sell it to voracious investors on the other side of the world. Now, a decade after the gold dust turned to ashes, locals still believe buried treasure lies beneath the jungle — and they are eager to prove it. Speculators like Lomban are running makeshift mining operations smack in the middle of this patch of rainforest. And other business people in this region are inviting Canadian investors back. Known in the western world as Borneo, Kalimantan is the largest island in the Indonesian archipelago.

On the other hand, he was also a visionary entrepreneur who had built a successful mining company from scratch.

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David walsh gold

This article was published more than 7 years ago. Some information may no longer be current. When the Bre-X scandal broke in and a massive gold find was revealed as a more massive fraud, mining executives predicted the true-life tale would be made into a movie, then joked about which actor should portray them on the big screen. In one of my all-time favourite e-mails, the chairman at one of Canada's biggest mining companies, Norm Keevil at Teck, sent a tongue-in-cheek note to suggest he be played by Sean Connery.

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He was married, with six children. The Aftermath: The fallout from the Bre-X scandal was significant. Michael de Guzman was the chief geologist at Bre-X and played a pivotal role in the fraud. Investors learned that they couldn't rely solely on the word of a company's management when it came to assessing the potential of a mining project. The news of the discovery sent the company's stock skyrocketing, and investors poured billions of dollars into the company. Some other mineral companies, including Placer Dome , organized failed takeovers , but the Indonesian government of President Suharto also got involved. Several individuals involved in insider trading were charged and convicted, including David Walsh, who died before he could be sentenced. Profiles The Independent West Middlesex Fire and Life Assurance Company IWM offered annuities and life insurance policies at rates that proved too good to be true — thousands of policyholders who had handed over large sums were left with nothing. The Ontario Securities Commission OSC conducted an investigation into the fraud and found that the company had made false and misleading statements. Greed can cloud judgment and lead people to take risks they would not normally take. At lunch Dale interrogated me extensively about what I saw and it became clear he was a huge skeptic, and possibly had some ulterior motives, like consulting for a large mining company that was trying to talk down the stock to make the acquisition cheaper.

Back in , Filipino prospector Michael de Guzman convinced geologist John Felderhof and Canadian businessman David Walsh he had struck gold in the jungles of Borneo. De Guzman duped the labs that tested the samples, which verified roughly 3 oz of gold per ton of rock.

Moneyweek is part of Future plc, an international media group and leading digital publisher. Categories : Defunct mining companies of Canada Fraud in Canada Gold rushes Corporate scandals OMERS companies Non-renewable resource companies disestablished in in economic history Non-renewable resource companies established in Canadian companies disestablished in establishments in Alberta disestablishments in Alberta Companies that have filed for bankruptcy in Canada. Bailen, known as the Sherlock Holmes of the Philippines, led a team of three investigators who probed the case for the family. It is a cautionary tale of greed, deception, and fraud, and it serves as a reminder that investors must be vigilant and skeptical when evaluating investment opportunities. Advertisement 3. The Bre-X scandal had a significant impact on the stock market. He moved to the Bahamas in Bre-X was founded in the mids by David Walsh , a former stockbroker. There have been scams before Bre-X, there have been scams since and there will be scams going forward, but my hat is off to you Michael, as you read this article, Bre-X has won the Academy Award in the category of Best Mining Scam Ever. The Bre-X scandal highlights the importance of transparency and disclosure in the financial industry. One of the key factors in exposing the Bre-X Scandal was the work of independent analysts who questioned the company's reports and findings. This Week in Flyers. The scandal not only shattered investor confidence in the mining industry but also in the stock market as a whole. It exposed the dark underbelly of the mining industry and the need for greater transparency and accountability in the corporate world. Trending Videos.