Alleged Fraudster of Canadian Co. Applies for Cayman Residency as Bre-X and Delgratia Frauds Shake World Commodities Markets

On May 9, 1997, John Felderhof, a Dutch-born Canadian citizen and the head of exploration for Canadian company Bre-X Minerals, was reported to have applied for permanent residency in the Cayman Islands, a status that would help him against potential criminal and legal actions against him in Canada. Meanwhile, reverberations over the fraud in reporting gold discoveries has shaken commodities markets due to the revelations of fraud in two separate Canadian companies that are traded on exchanges ... [more]