'Chinese Buffett' charged by SEC
From Herald News ServicesApril 7, 2009
Securities - U. S. securities regulators charged a Toronto-based fund manager who describes himself as the "Chinese Warren Buffett" and his hedge fund with operating a multimillion-dollar investment fraud, the Securities and Exchange Commission said Monday.
The SEC charged Weizhen Tang and his Canadian-based hedge fund with operating a Ponzi scheme, where funds from new investors were used to pay purported profits to other investors.
Tang told investors in February 2009 that, in an effort to conceal substantial trading losses and attract new investors to his overseas chinese Fund Limited Partnership, he posted false profits on investors' account statements and used funds from new investors to pay out at least $8 million in "fake" profits to others, the SEC said.
© Copyright (c) The Calgary Herald
From Herald News ServicesApril 7, 2009
Securities - U. S. securities regulators charged a Toronto-based fund manager who describes himself as the "Chinese Warren Buffett" and his hedge fund with operating a multimillion-dollar investment fraud, the Securities and Exchange Commission said Monday.
The SEC charged Weizhen Tang and his Canadian-based hedge fund with operating a Ponzi scheme, where funds from new investors were used to pay purported profits to other investors.
Tang told investors in February 2009 that, in an effort to conceal substantial trading losses and attract new investors to his overseas chinese Fund Limited Partnership, he posted false profits on investors' account statements and used funds from new investors to pay out at least $8 million in "fake" profits to others, the SEC said.
© Copyright (c) The Calgary Herald