Windfall: Viola MacMillan and Her Notorious Mining Scandal

by Tim Falconer

The fascinating, scandalous, and true story of Viola MacMillan and the Windfall mining scandal


Viola MacMillan had it success, money, and respect. Influence, even. But in 1964, after three decades in the mining industry, one of the most fascinating women in Canadian business history was the central character in one of the country’s most famous stock scandals.


MacMillan, who started out as a prospector in the ’30s, had developed lucrative mines and put together big deals. But she still wanted “a major discovery.” Early in July 1964, shares in Windfall Oil and Mines, a company she and her husband controlled, traded for around 56 cents. Then one day, the stock took off. In the absence of any information from the company about what it had found near Timmins on its claims, rumors and greed pushed the share price to a high of $5.70. MacMillan stayed quiet. Finally, after three weeks, Windfall admitted it had nothing.


So many small investors lost money when the stock crashed that the Ontario government appointed a royal commission to examine what had happened, which led to changes at the Ontario Securities Commission and the Toronto Stock Exchange. Although MacMillan spent a few weeks in prison, she later received a pardon and the Order of Canada.

Genres: Nonfiction, Canada, History

296 pages, Paperback

Published February 18, 2025

About the author

Tim Falconer’s latest book, Windfall: Viola MacMillan and Her Notorious Mining Scandal, came out in February 2025. A prospector and mine developer, MacMillan had it all: success, money and respect. Influence, even. But in 1964, after three decades in the mining industry, one of the most fascinating women in Canadian business history was the central character in one of the country’s most famous stock scandals.

Fakconer is the author of five previous non-fiction books. Klondikers: Dawson City's Stanley Cup Challenge and How a Nation Fell in Love with Hockey tells the story of an unlikely team of dreamers and their audacious journey from the Yukon to Ottawa to play for the Stanley Cup in 1905. Their quest showed how quickly hockey—a niche, regional sport when Lord Stanley donated the trophy a dozen years earlier—had become the national pastime. Klondikers: made the Globe and Mail's Top 100 of 2021 list.

Bad Singer: The Surprising Science of Tone Deafness and How We Hear Music follows Falconer’s quest to overcome tone deafness and sing in tune. Along the way, he learns about human evolution and music, the brain science behind tone-deafness, and what we really hear when we listen to music. Bad Singer made the Globe and Mail's Top 100 of 2016 list and was a finalist for the Lane Anderson Award. The New York Times called it “fascinating and fun.”

Falconer is also the author of That Good Night: Ethicists, Euthanasia and End-of-Life Care, Drive: A Road Trip through Our Complicated Affair with the Automobile and Watchdogs and Gadflies: Activism from Marginal to Mainstream. And he helped popular parenting guru Dr. Alex Russell write Drop the Worry Ball: How to Parent in the Age of Entitlement.

Reviews

[Martha Fisher · Rating 5 out of 5]

A really compelling read.
It would make a great documentary!

[Donald W. · Rating 5 out of 5]

A non-fiction that reads like a novel, Windfall blends business, finance, scandal, and intrigue in an exposé of mining practices in Canada. Windfall is a good read for Canadian history buffs, but a must-read for anybody even dreaming about investing in penny stocks of junior mining companies. Windfall is also a compelling story of feminism, detailing how the real-life protagonist, Viola MacMillan, influences the man-dominated Canadian mining scene and ultimately how her actions/inactions lead to changes in investment regulation. After a chapter or so, the book transformed from a detail-oriented history to a real ‘page turner’ compelling me to read straight to the end without stopping.

Falconer writes based on solid research, and in this sense, his style is not unlike that of Robert Caro, but the research coupled with his subject matter is that of a 21st-century Pierre Berton.

[Jim Houston · Rating 5 out of 5]

As a summer student working on the floor of the Toronto Stock Exchange in the mid-70’s, it was required that you knew the story of the Windfall scandal, and the infamy of Viola MacMillan. And if a rookie on the floor ever asked, “What’s Windfall?”, he would likely leave that evening with a “Kick Me” sign stapled to the back of his jacket while he wasn’t looking.
While the short version of events, were broadly known (or construed) – some people made lots of money, some people lost lots of money, people went to jail, there was a Royal Commission, rules were changed – Tim Falconer’s book, Windfall, provides a well-researched and detailed look into the facts of the case. But more so, he describes the incredible life and success of Viola MacMillan throughout her life. It is a story of endless energy, dedication, and ambition. Her many positive accomplishments, apart from the Windfall scandal, were rarely discussed on the floor of the TSE.
On a broader scale, Falconer describes the investigations of the Royal Commission and the recommended changes to securities laws that were long overdue at the time and have subsequently protected public investors (somewhat) to this day.
Having personally (and unsuccessfully) participated in a similar mania surrounding the Hemlo gold rush of the early 80’s, it was interesting to see how somethings don’t change. Along with management and principals of these mining companies, investors, accountable to no one, can start and spread rumours for their own benefit.
Anybody who has owned, or is thinking of owning, a junior mining stock, or “meme” stock, should read this book. Very factual. Very thorough. Very entertaining. And somewhat timeless.

[Andrea Wenger · Rating 4 out of 5]

A prominent figure in Canadian mining, Viola MacMillan rose to success—only to become embroiled in scandal when she was in her sixties. Her company’s stock prices soared based on unfounded rumors—leading to a government investigation and devastating losses for investors.

This biography is well-researched and thorough. It provides a wealth of information on Canadian mining in the mid-twentieth century. The story of the scandal is fascinating. MacMillan made mistakes, but I can understand the reasons behind her actions.

Thanks, NetGalley, for the ARC I received. This is my honest and voluntary review.

[James Little · Rating 5 out of 5]

I had no particular interest in mining when I started reading this book, and had certainly never heard of Viola MacMillan. However I quickly became engrossed not only by MacMillan's fascinating life (from her humble beginnings in Muskoka to her subsequent fall on Bay Street), but also by the detailed history of mining in Northern Ontario. Falconer has clearly done an incredible amount of research, and the book is packed with interesting stories about how some fortune hunters managed to strike it rich in Ontario's frontier country, while others simply struck out. I'd say that Falconer himself has found a rich vein here.

[Denice Langley · Rating 5 out of 5]

I had previously read Tim Falconer's excellent book Klondiker's so knew I'd find a very good read in Windfall, and yes it was. A successful woman who had made a life in the mining business, Viola MacMillan becomes the central character in a landmark stock fraud case. Trading on her good name and her honest reputation, she allows rumors to run up the stock of her mining company. In an era when women in business were rare, her actions will send her to prison. This is an excellent true crime/nonfiction that I found interesting and educational. A great story that I'd not heard before.

[Eric Taylor · Rating 5 out of 5]

A well-written account of an intriguing figure, Viola MacMillan. Her rise, fall, and at least partial redemption as a prospector, mine developer, and business person. Clearly a powerful personality in the early-mid 20th Century Canadian mining world. Makes one want to grab a pick hammer and poke around local outcroppings - you never know!

[Mel Walwyn · Rating 5 out of 5]

This is a remarkably readable book. It is a classic story of a dramatic mineral find and the inevitable sly dealing that goes on. Captures the frenzy and risk-taking, with a fascinating woman at the centre of it, a brilliant miner and crafty businessperson. Nicely written. Lots of fun to read. Learned a lot too.

[Enid Wray]

Interesting history of an era and a woman’s life and work in a decidedly man’s world.

Good to have for the historical record.

[Amy · Rating 2 out of 5]

I thought I would enjoy this book because I remembered the name Viola MacMillan and the mining scandal of the 60s. It was too much mining and not enough personal life for me so I abandoned it.

[Paul McDonald]

This book was hard to put down. I suspect most readers will finish it in one or at most two readings. A Bay Street thriller, imagine!

[Dan Forsyth · Rating 3 out of 5]

An interesting story about a very interesting woman.

[Robert Little · Rating 5 out of 5]

I enjoyed this book very much even though I had never heard of Viola MacMillan. A fascinating look at the dynamics and skulduggery of the Ontario mining scene at the time.