02:13:25 EDT Fri 05 Jun 2020
Enter Symbol
or Name

Login ID:

OSC warns public about "Chinese Warren Buffett"

2019-05-31 20:42 ET - Street Wire

This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Mike Caswell

The Ontario Securities Commission has warned the public that Weizhen Tang, the man who called himself the "Chinese Warren Buffett" as he ran a hedge fund scheme in 2009, is once again planning to solicit investors. Mr. Tang is setting up an investment fund that would supposedly offer returns of 1 per cent per week, the OSC says. There is no indication that anybody has lost any money, at least not yet.

The warning from the OSC comes just over 10 years after Mr. Tang first landed in trouble. The OSC, the U.S. Securities and Exchange Commission, and prosecutors in Toronto accused him of defrauding investors of millions through a hedge fund called Oversea Chinese Fund LP. He claimed that investors would realize returns of 1 per cent per week, but investors saw little in the way of real returns. In Ponzi fashion, he paid early investors with money from later ones, the SEC said.

The OSC has provided no details of Mr. Tang's present scheme, but it at least somewhat resembles his prior fraud in that Mr. Tang is offering returns of 1 per cent per week. The OSC says that he plans to create a fund that will target individual and institutional investors. The regulator warns investors not to invest with him or with any companies associated with him.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS

© 2020 Canjex Publishing Ltd. All rights reserved.

Reader Comments - Comments are open to paying subscribers of Stockwatch and unmoderated, although libelous remarks, obscene language and impersonations may be deleted. Opinions expressed do not necessarily reflect the views of Stockwatch.
For information regarding Canadian libel law, please view the University of Ottawa's FAQ regarding Defamation and SLAPPs.

Comments for this item are closed