'Chinese Warren Buffett' returning to face fraud charges
Last Updated: Wednesday, January 13, 2010
4:59 PM ET Comments8Recommend17CBC News
A financial adviser accused of defrauding more than 100 investors out of a combined $30 million is returning to Toronto on Wednesday, his lawyer said.
Police accuse Tang of defrauding more than 100 people of a combined $30 million. (Toronto Police Service)
Weizhen Tang, 51, is the Toronto fund manager wanted on fraud charges for allegedly overseeing what police call a Ponzi scheme between January 2006 and March 2009.
Tang was scheduled to appear before police on Dec. 29, but he did not keep that appointment because he was in China.
His lawyer Loftus Cuddy said Tang has confirmed that he plans to return from China Wednesday. Tang had indicated on his website he would board a flight from Shanghai that's due to arrive at Toronto's Pearson International airport Wednesday evening.
But Cuddy doesn't plan to be at Pearson airport when Tang arrives and said he doesn't know if he'll represent him because Tang is broke.
Police have issued a Canada-wide warrant for his arrest and expect to charge him with fraud over $5,000.
Tang's online trading firm in Canada, Oversea Chinese Fund Limited Partnership, required investors to contribute at least $150,000 each. He described himself on his website as the "Chinese Warren Buffett."
The investors live across Canada, the United States and in China, police said. They have complained they have not been able to access the money they invested in Tang's company.
The Ontario Securities Commission has also forbidden Tang to trade and charged him in June with 12 fraud-related counts. A provincial court trial on those charges is set to begin April 19.
Tang acknowledged he failed to disclose losses, fabricated investor account statements and lost all investor money, the commission says. Tang is also wanted in the United States on a number of fraud-related charges.
唐炜臻如期乘机返多：警察登机逮捕