“Chinese Warren Buffett” Gets ROR for $150k
On April 20, after having been incarcerated beginning in mid-January on charges of running a multi-million dollar Ponzi scheme, Weizhen Tang won his freedom (temporarily) by posting $150,000 bail. According to the Toronto Sun, Tang said, “I want a chance to prove my innocence— that’s why I came back from China.”
The conditions of Tang’s bail require him to remain in Canada and to have no direct or indirect communication with investors or partners in a hedge fund called the Oversea Chinese Fund Limited Partnership that boasted a return of 1% a week, which Tang promoted. He is also banned from soliciting investment funds and must report to police once a week. A Judge also previously granted a temporary restraining order, asset freeze, and other emergency relief against the defendants.
More than $51 million was allegedly involved in the hedge fund failure. The fraud is alleged to have begun as early as 2004, and through the hedge fund, Tang raised somewhere between $50 and $75 million from more than 200 investors.
A provincial court trial on those charges is set to begin April 19. Tang is also wanted in the United States on a number of fraud-related charges.
If you enjoyed this post, please consider to leave a comment or subscribe to the feed and get future articles delivered to your feed reader.
Loading ...