Sunday, 29 November 2015
Last updated 1 day ago
Apr 22 2010 | 11:54am ET
Accused hedge fund fraudster Weizhen Tang has won his freedom—for now.
Tang, the self-proclaimed “Chinese Warren Buffett” accused of defrauding investors to the tune of US$30 million in a Ponzi scheme, was released Tuesday on C$150,000 bail. Tang had been jailed in Canada since his return to the country and arrest in January.
“I want a chance to prove my innocence,” Tang told reporters after the Toronto hearing. “That’s why I came back from China.”
Tang was arrested 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.
Under the terms of his bail, Tang may not leave Ontario and is barred from communicating with any of the investors or partners of his Oversea Chinese Fund hedge fund. He also must check in with police every Wednesday.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…