Accused Ponzi Schemer Tang Seeks Legal Aid

May 12 2010 | 12:50pm ET

An accused hedge fund fraudster says he can’t afford to pay for lawyers—because his assets have been frozen.

Weizhen Tang, the self-proclaimed “Chinese Warren Buffett,” is charged with defrauding investors in his Oversea Chinese Fund of US$30 million. Tang has denied any wrongdoing, and reiterated his innocence outside of a Toronto courtroom on Monday.

Tang added that he needs legal aid to pay for his defense.

Following a short closed-doors meeting, Tang’s next court appearance was delayed until June 15. He remains free on C$150,000 bail.

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.


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