6) Bre-X Minerals scandal
Bre-X was a group of companies in Canada. This company was involved in one of the largest stock swindles in history. Its Indonesian gold property, which was reported to contain more than 200 million ounces, was said to be the richest gold mine, ever. Its stock price reached a peak at CAD$286.50 in May 1996 on the Toronto Stock Exchange (TSE), with a total capitalization of over CAD $6 billion.
The party ended on March 19, 1997, when the gold mine proved to be fraudulent, and the stock tumbled to pennies shortly after. The major losers were the Quebec public sector pension fund, which lost $70 million, the Ontario Teachers’ Pension Plan Board, which lost $100 million, and the Ontario Municipal Employees’ Retirement Board, which lost $45 million.
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