A fund manager who called himself the “Chinese Warren Buffet” has been arrested in Toronto for running a Ponzi scheme which duped investors out of an estimated $30 million.
Weizhen Tang was arrested at Toronto’s airport and stands accused of defrauding as many as 100 clients, with one losing as much as $2.4 million.
The 51 year-old is thought to have operated the scheme between January 2006 and March 2009, which asked for a minimum commitment of $150,000 from investors.
He worked through online business Oversea Chinese Fund Limited Partnership and advertised opportunities in foreign exchanges, options and mutual funds across China and Hong Kong.
The investment adviser stands accused of securities fraud, illegal distributions of securities and unregistered trading in securities by the Ontario Securities Commission.
Mr Tang is due to appear in court on April 19th.
He was supposed to return to Canada from China on December 29th but failed to show.
An investigation into his activities was originally launched by the Toronto police during April 2009.
By Jim Ottewill