A Canadian hedge fund manager who calls himself the “Chinese Warren Buffet” is facing fraud charges by the Securities and Exchange Commission. Weizhen Tang is accused of running a Ponzi scheme since at least 2006 with his hedge fund Oversea Chinese Fund Limited Partnership. Tang raised as much as $50-75 million from 200 investors – many of them Chinese-Americans in Texas, where he ran WinWin Capital Partners LP.
Though Tang denied the charges on his website – calling them “an undesired thing” – the SEC complaint alleges that he confessed to investors earlier this year that he was running a Ponzi scheme.
The SEC claims that Tang sent a letter to investors in which he admitted to posting false profits on account statements and using funds from new investors to distribute up to $8 million in fake profits to earlier investors.
Thank you for your research.
Suggest you add Courtney Chauncy Julian, Julian Petroleum scandal. Three books: The Great Los Angeles Bubble,By Guy W.Finney, My Friends Call Me C. C., By William Gardiner Hutson,The Great Los Angeles Swindle,By Jules Tygiel. Also The Equity Funding scandal and the Baptist Foundation of America led by the Rev T. Sharon Jackson. Congratulations on this new gallery. Bill Hutson