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Gold/Mining/Energy : BRE-X, Indonesia, Ashanti Goldfields, Strong Companies.
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To: Phil Jones who wrote (26253)8/1/1997 12:13:00 PM
From: Adrian du Plessis   of 28369
 
Merrick Walsh has been telling people he's in close contact with his brother -- in fact he's been trading on that as a basis for asking people to believe in advice. You raise an interesting question as to how he might be defined. It appears as if some of the statements he's made on SI would be classified as investment advice -- being activities in furtherance of a trade. When Walsh told SI members to hold onto their Bre-X stock, or to buy more shares, he was, in effect, acting as an unregistered investment advisor. This sort of activity is in violation of the Securities Acts provincially here in Canada, and is officially frowned upon by market regulators. They don't act against such parties in most cases, but do when the situation warrants special attention. The question would be whether or not Canadian securities regulators would deem as sufficiently offensive the possible situation of a brother of a CEO and director of public companies spreading false and damaging investment advice on the internet. Sounds serious enough to me, but politics comes into play so they may only look into it if there is a public outcry. See what happens once more news stories probe into the background of Merrick Walsh. If people discover he's David's brother, Brett's uncle etc. etc. and has been sitting around the kitchen table discussing Busang with them before spreading false advice in the internet, I expect there'd have to be some action.
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