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.


In Depth

Q&A: Quad Advisors’ Borish Is Looking For Real Traders, Not Index Huggers

Aug 20 2014 | 1:43pm ET

Peter Borish, who served as founding partner and director of research at Tudor Investment...

Lifestyle

Viking Manager In Rent Dispute

Aug 11 2014 | 4:14am ET

A hedge fund manager is demanding most of his money back from his former landlord...

Guest Contributor

Majority Of Inflows Go To Brand Name Hedge Funds

Aug 12 2014 | 9:00am ET

Since the market correction of 2008, a vast majority of hedge fund net asset flows...

 

Editor's Note

 

Futures Magazine

PREVIEW July/August 2014 Cover

Inside Futures' 500th Issue

The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.

The Alpha Pages

TAP July/August 2014 Cover

Real talk on alternative investments, business & finance

The Alpha Pages Editor's Note