Alleged Ponzi Schemer Tang Wins Bail

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.

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