Toronto financial adviser charged in alleged Ponzi scheme denied bail
Posted January 21, 2010 4:38 pm.
This article is more than 5 years old.
A Toronto financial adviser charged with defrauding investors of some $30 million has been denied bail.
Weizhen Tang is accused of bilking about 100 investors in Canada, the United States and China through a Ponzi scheme.
Tang, who is charged with fraud over $5,000, voluntarily returned to Canada last week from China.
Toronto police say victims have been located in the United States and China as well as Canada.
The 51-year-old, who called himself the Chinese Warren Buffet, is also slated to stand trial on 12 counts of breaching the Ontario Securities Act.
That trial begins April 19.
