Why Fraud is Rampant in Canada -Nobody goes to Jail
Bre-X should have been a major scandal, but not in Canada TheStar.com - News - Felderhof not guilty as Bre-X case wraps up
According to the article,
"The only executive prosecuted in one of the biggest corporate scandals in Canadian history was acquitted today of insider trading and misleading investors, extinguishing hopes for retribution among those who lost billions in the Bre-X Minerals gold hoax a decade ago.John Felderhof, former Bre-X vice-president of exploration, was found not guilty on eight counts of insider trading and authorizing misleading news releases, ending a seven-year courtroom battle.
Bre-X, once the darling of the Toronto Stock Exchange and courted by major mining companies, collapsed after the discovery of a gold-salting fraud at its Busang mine in Indonesia wiped out about $3 billion in investors' money in the spring of 1997.
The Ontario Securities Commission had accused Felderhof of selling $84 million worth of stock in 1996, while having information not disclosed to public investors."
This reminds me of one of the jokes going around after 9/11.
9 of the terrorists were from Saudi Arabia, their leader was from Saudia Arabia, the money was from Saudia Arabia. So, we fired missles at Afghanistan. What did we do, miss?
Notably, Felderhof was not in court for the verdict. Not in Court! And just how do you suppose Mr. Felderhof would have been compelled to attend had he been found guilty? What an absurd little circus.
We really are stupid in this Country, starting with Judges, Crowns, and the Police, about commerical fraud.
