Friday, 25 July 2014
Last updated 2 hours ago
Jan 20 2010 | 12:10pm ET
Amidst a certain amount of confusion, accused hedge fund fraudster Weizhen Tang will have to wait until tomorrow to learn if he’ll be allowed to go free.
Justice of the Peace Paul Mishinski said the bail hearing, begun yesterday, will continue tomorrow in Toronto. While Tang has managed to find three people—his wife, a friend and his hairdresser—willing to put up their homes to help Tang make bail, one of the three plans to go to Hong Kong today. Tang’s own lawyer, Loftus Cuddy, wasn’t even at the hearing; he was at another trial elsewhere in Ontario.
Tang was arrested a week ago after returning to Canada from Shanghai. Canadian authorities have charged Tang with defrauding more than 100 investors in Canada, China and the U.S. of about US$30 million from 2006 through last March. The U.S. Securities and Exchange Commission has said that Tang confessed to running his scam for even longer in February, but Tang denies any wrongdoing.
Prosecutors are opposing Tang’s bail bid.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…