Weizhen Tang, the Chinese Buffett, registers to run for Mayor of Toronto.
Weizhen Tang, the Chinese Warren Buffett or the Chinese Bernie Madoff, registered today to run for Mayor of Toronto, Canada’s largest city.
Tang is charged with fraud, organzing a ponzi scheme, that raised and cheated investors of $65 Million. Some investors lost their life savings.
Today, in a stunning move, Weizhen Tang walked quietly into Toronto’s City Hall and signed the official papers to officially register as a candidate for Mayor. Only some 100 metres/yards away is Toronto’s “Old City Hall” converted now to a courthouse; where, ironically, Weizhen Tang was charged with regulatory and criminal fraud in 2009; accused by the United States Securities Exchange Commission; the Ontario Securities Commission and then, months later, by the Metro Toronto Police, of bilking investors of $65 Millions in a ponzi scheme. He faces in Ontario, some 13 charges and some 60 years in prison, if convicted.
Tang claimed to get investment returns on the stock markets of 1% per week, thus causing one of his contacts, Henry Wei, to coin the phrase, the “King of 1%” –which Tang adopted as another moniker to his then growing fame; which has transformed into a growing infamy.
Of course, the number of ponzi schemes has been increasingly skyrocketing, with the increasingly failing economies of the United States, Canada and the world. Weizhen Tang has become one of the symbols of these global frauds and the global economic hard times; as investors, the media and the public wonder if Tang is the Chinese Warren Buffett with genuine 1% returns on investments; or a sleazy Chinese Bernie Madoff, another ponzi fraudster. Tang has his trial set for Feb 2011.