Canada Seeks Arrest Of Accused Hedge Fund Fraudster

Jan 7 2010 | 2:09am ET

Canadian police have issued an arrest warrant for an alleged hedge fund fraudster accused of running a US$75 million Ponzi scheme.

Weizhen Tang has been charged with fraud in Canada, accused of defrauding more than 100 investors in Canada, China and the U.S. of about US$30 million between 2006 and last March. Toronto police said that Tang had agreed to turn himself in last month, but failed to do so.

It is believed Tang is in Hong Kong. Canadian authorities are in talks with their Hong Kong counterparts about extraditing the Canadian citizen, who police say has claimed he needs to earn more money for his defense against the Canadian criminal charges, which mirror civil charges in both Canada and the U.S.

In April, after the U.S. Securities and Exchange Commission froze Tang’s assets and those of two of his hedge funds, the Oversea Chinese Fund and WinWin Capital Management, Tang denied any wrongdoing. The SEC said he confessed to investors in Feburary that he was running a Ponzi scheme, but Tang denies doing so.

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