Wanted: Alleged Ponzi Schemer
Monday, January 11, 2010 : PermalinkForbes – Toronto Police issued a Canada-wide warrant to arrest Weizhen Tang on charges that he ran a Ponzi scheme which allegedly defrauded more than 100 investors of approximately $30 million. The investors were mostly wealthy Chinese, both in North America and China.
A national warrant was issued last week after 51-year old Weizhen Tang failed to surrender as promised on Dec. 29. The Toronto Fraud Squad described him as 5′2″ and 130 lbs, with short black hair and glasses. Also on Wednesday, the Ontario Securities Commission warned investors that Weizhen Tang and his companies may be soliciting residents of Ontario for investment purposes. “Previous Oversea Chinese Fund (a hedge fund ran by Tang) investors, their family or friends may be targeted”, the securities watchdog stressed.
