Accused Ponzi Schemer To Spend Another Day In Jail

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.

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