Sunday, 23 November 2014
Last updated 2 days 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.
Nov 4 2014 | 9:45am ET
Data management is important to every business, but for hedge funds, it is critical. FINalternatives recently asked Peter Sanchez, CEO of Northern Trust Hedge Fund Services, how fund managers can deal with the demands of managing data while at the same time remain transparent and abide by operational best practices. Read more…
Reg NMS created a huge bifurcation in equity markets and while much of what has followed has been positive, in terms of lower fees and greater liquidity, many traders would like to see the market come...