Alleged fraudster says he's in China raising money
Last Updated: Thursday, January 07, 2010 | 12:26 PM EST
Financial Post
Weizhen Tang, the 51-year-old money manager who is the subject of a Canada-wide arrest warrant, said on Thursday that he is in mainland China so he can trade on Asian markets to raise the funds needed to repay his Canadian clients.
In an email sent to the Financial Post late Wednesday night, Mr. Tang denied that he has committed any crimes or that he is overseas to avoid arrest.
"I am not fled the country," he states in the email.
"I am travelling and trade currencies out of the country for my investors since I am restricted from trading in Ontario and I have full support from most of my investors and my trip and travel expenses are covered by my investors."
The self-described "Chinese Warren Buffett" has been accused of bilking investors out of $30-million through an alleged ponzi scheme.
Ontario's market regulator, the Ontario Securities Commission, issued a cease trade order against him last March and in June charged him with 12 violations of provincial securities law. Mr. Tang also faces a criminal charge of fraud over $5,000.
Mr. Tang, who denies the charges, said there is "no evidence" of fraud against him after a year-long investigation.
"I will be back to fight my case in due time," he said.
Mr. Tang was supposed to have turned himself in to Toronto Police on Dec. 29. A Canada-wide warrant was issued for his arrest on Tuesday.
On Wednesday, the OSC warned the public that Mr. Tang may be trying to raise funds from Ontario investors.
Mr. Tang's trial in Ontario provincial court has been scheduled to begin in April.
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