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RSS FeedsConvicted fraud artist Weizhen Tang scoffs at lifetime ban, courts new investors
(The Star Travel)

 
 

4 june 2019 16:33:48

 
Convicted fraud artist Weizhen Tang scoffs at lifetime ban, courts new investors
(The Star Travel)
 


Almost seven years after he was convicted for running a $50-million Ponzi scheme, Toronto’s self-styled “Chinese Warren Buffett,” Weizhen Tang, is as defiant as ever. He was released from prison just a few years ago, but he is not only planning to launch a new investment fund, he told the Star he has done nothing wrong, and suggests that the Ontario Securities Commission (OSC) only targeted him because he is Chinese.“I did nothing wrong before,” wrote Tang in one of several emails to the Star. “What (the) OSC and the court did to me is wrongful and malicious in the past because I am Chinese and (a) prominent community leader.”Tang, who billed himself as the “King of 1 Per Cent Weekly Returns,” was convicted of fraud in 2012. A trial determined that his investors lost a total of $24 million. He was sentenced to six years in jail, ordered to pay almost $3 million in restitution to his victims, and received a lifetime ban on working in the capital markets. Tang said he was released from jail in 2015 after serving roughly two years of his sentence. The Parole Board of Canada wasn’t immediately able to confirm Tang’s claim.Last week, Tang was accused by the OSC of attempting to drum up money from potential investors. Acting on a tip, the OSC issued a warning to the public that Tang was back in business, despite the lifetime ban it issued following his conviction.“Mr. Tang is permanently banned from participating in Ontario’s capital markets, and none of the companies associated with him are permitted to solicit investments from Ontario residents or to provide advice on investing in, buying or selling securities,” the OSC noted in its warning. “Mr. Tang recently announced his intent to resume investment activities, adding that he plans to create an investment fund targeting individual and institutional investors that would offer returns of 1 per cent per week.”In an email, ...


 
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