Weizhen Tang, ponzi scheme accused, runs for Mayor of Toronto, Canada’s largest city. In 2009 Tang was accused of organizing a ponzi scheme that bilked over 200 investors of $65 Million.
Right here at our blog, yesterday, September 9, 2010, we were the first website in the world, to announce that the accused ponzi scheme leader had registered officially to run for Mayor of Toronto. This ponzi scheme leader claims to be the leader for Toronto, who can root out the corruption in the city. “I have the best chance to be mayor,” Tang noted, in a document he released the night before his official entry into the mayoralty race –“How the Canadian government is too fat to move, but Toronto, through extreme fitness, can save the country, and itself, from corruption and a Great Crash.”
Tang was arrested and jailed in January after returning to Toronto from China. He was released on bail in April. A prominent member of Toronto’s Chinese community, Tang organized and supported many community functions; including an Ottawa rally in support of international friendship, leading up to the 2008 Beijing Olympics. And an economic wealth summit, that Tang suggested was “far better received than the disastrous G20!”
Many people point to these events as the Madoff approach to running a ponzi scheme: becoming a prominent, active community member, to attract investor interest and trust.
Tang is a strange mixture of contradiction. Maybe the emphasis on CON-tradition?! Mr. Tang faces 13 charges filed against by the Ontario Securities Commission, totalling some 65 years in prison. Toronto police issued a Canada-wide warrant for Mr. Tang last week, after he was charged with fraud over $5,000, and failed to return in December 2009.
Claiming innocence Tang returned to Toronto in January 2010; only to be sent to jail, when he arrived at Toronto’s Pearson International Airport on a flight from Shanghai, where he had been living in China since last November. He was supposedly trying to invest and trade in order to earn back money lost to his investors.
The ponzi scheme accused failed to make bail, and thus remained in jail until April 2010. Quite a fall for a former fixture in Toronto’s Chinese community, where he donated money to various causes and events, such as flood relief. Others claim that such activity was just a part of Tang’s ponzi scheme manipulations; as Tang attracted over 200 investors from the United States, China and Canada, and other ethnic Chinese. One Toronto-area resident who allegedly lost over $2 Million.
In April 2009, a federal judge in Dallas granted a request by the U.S. Securities and Exchange Commission, SEC, for emergency relief for investors, freezing the assets of Mr. Tang and several of his companies. The judge appointed a receiver to take control of Mr. Tang’s assets, but a defiant Tang claims these monies are merely being wasted by the United States justice system and the receiver.
Tang’s trial is set for February 2011. But as Tang jokes, he may not have to go to jail, if he wins his bid to be Mayor of Toronto on October 25, 2010.