DALLAS (AP) - A Canadian man who dubbed himself the "Chinese
Warren Buffet" faces federal charges of running a Ponzi scheme that targeted primarily Chinese-Americans and has left millions of dollars unaccounted for. That's what the Securities and Exchange Commission announced today.
A federal judge in Dallas last week granted the SEC's request for emergency relief for investors, freezing the assets of 50-year-old Weizhen Tang of Toronto, and several of his businesses, including the Texas-based WinWin Capital Management LLC. The judge appointed a receiver to take control of Tang's assets, which also include WinWin Capital Partners LP, and Bluejay Investment LLC.
The SEC says Tang raised between $50 million and $75 million from about 200 investors for his Canada-based hedge fund, Oversea Chinese Fund Limited Partnership, and operated a Ponzi scheme with
the hedge fund since at least 2006.
Tang didn't immediately return a message left by The Associated Press, but he has defended himself on his company Web site. He vowed to clear his name, calling the charges "an undesired thing" that he will face "with a positive attitude."
Tang also denied in a blog on his Web site that he was involved in a Ponzi scheme.
The SEC complaint alleges Tang has already told investors of the Ponzi scheme.