TORONTO – A man who bills himself as the “Chinese Warren Buffett” has been permanently banned by Ontario’s securities watchdog from trading securities or working as a registrant or an investment manager.
In a ruling issued Friday, the Ontario Securities Commission said Weizhen Tang has also been banned from serving as a director or officer of a company or investment firm.
Tang was convicted in 2012 and sentenced to six years in prison for having defrauded the public through deceit, falsehood or other means in his operation of an investment fund called the Overseas Chinese Fund.
The fund defrauded investors from Canada, the United States and China of millions of dollars through risky investments they had not agreed to while also using some money to pay back earlier investors, the hallmark of a Ponzi scheme.
In addition to prison time, the court ordered Tang to pay a $2.8-million fine within five years of his release.
The court also stipulated that he would serve an additional five years if he failed to pay the fine.