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.


In Depth

Bob Doll's Ten Market Predictions For 2016

Jan 7 2016 | 9:37pm ET

Well-known market strategist Robert Doll has published his annual list of ten predictions...

Lifestyle

Citadel's Ken Griffin Donates $40M To New York's Museum of Modern Art

Dec 22 2015 | 9:23pm ET

Citadel founder Ken Griffin has donated $40 million to New York’s Museum of Modern...

Guest Contributor

Hedge Fund Marketing - Making the Most of Your Salesperson

Jan 20 2016 | 8:11pm ET

In this contributed article, Bruce Frumerman of Frumerman & Nemeth takes a close...