Police in Canada are looking for Weizhen Tang, 51, to arrest him in an international investment-fraud case.
The Toronto Police Department says investigators believe Tang duped more than 100 investors in a $30 million Ponzi scheme. A warrant has been issued for Tang’s arrest.
Investigators say fraud victims exist “across Canada,” and in the United States and China. It is believed Tang operated the fraud scheme at least between January 2006 and March 2009.
Police say Tang billed himself as the “Chinese Warren Buffet” and engaged in “online trading.” He also is in trouble with Canadian regulators and the U.S. Securities and Exchange Commission, which sued him in April 2009
Here are Wang’s vital statistics, according to Toronto police:
- Lived/lives in Toronto
- Chinese descent
- 5 feet, 2 inches tall
- 130 lbs.
- Short black hair
- Glasses
Anyone with information is asked to contact police at 416−808−7238, Crime Stoppers
anonymously at 416−222−TIPS (8477), online at www.222tips.com, or text TOR and your message to CRIMES (274637).
Along with suing Tang, the SEC also sued also Plano, Texas-based investment adviser WinWin
Capital Management LLC. Two other Tang entities were named relief defendants: WinWin Capital Partners LP and Bluejay Investment LLC, which did business as Vintage International Investment LLC.
The SEC’s complaint alleges that Tang told investors in February 2009 that in an effort to conceal substantial trading losses and attract new investors to the Oversea Chinese Fund, he posted false profits on investors’ account statements and used funds from new investors to return principal and pay out at least $8 million in “fake” profits to other investors.
According to the SEC’s complaint, Tang raised capital for the hedge fund from U.S. investors by offering and selling limited partnership interests in WinWin Capital Partners since November 2007.
WinWin Partners had raised, as of March 10, 2009, almost $17.3 million in principal investments from approximately 75 U.S. investors, most of whom are located in the Dallas area but also in California.
At least $9.6 million of the money raised from U.S. investors remains unaccounted for, the SEC said in April 2009.