Chinese Warren Buffett, Weizhen Tang Trail Begins –3 1/2 yrs later
September 17, 2012 –Toronto, Canada –The world now gets to see the trial that shall determine whether hedge fund manager, Weizhen Tang, is the Chinese Warren Buffett, or the Chinese Bernie Madoff!
In its second week, the 4th day of trial, Weizhen Tang is battling to tell the world that he is the Chinese Warren Buffett. In fact, that Tang is BETTER than trading legend, Warren Buffett!
Today, Tang’s lawyer, Peter Boushy, cross-examined one of Mr Tang’s former investors, Ms Hang. Actually, Peter Boushy is appointed “friend of the court,” as Tang has taken the position for some time now, that he has no money, and is unrepresented.
Investor Hang has gotten international media and public attention as the Crown prosecutors have portrayed her as a naive, gentle, hesitant investor; needing her money, to fight her cancer. Today, on cross-examination, Tang and his friend-of-the-court –amicus– tried to portray Hang as an experienced, greedy trader, with several investments.
Apparently, Hang diverted money to Tang –away from an investment that was already making her 30% return rate! Whereas, of course, Tang was claiming returns of 1% per week –52% per year!
Today, Hang angrily reminded the court, the juror, the media and all present, that Weizhen Tang loved being called the “King of 1%.”
Sadly if true, Hang accused Tang of laughing at her, as being silly enough to invest in Tang’s hedge fund –just months before Tang’s fund was accused of being a ponzi scheme, and frozen by the OSC, the Ontario Securities Commission, in March 2009.
Of course, if these returns are legitimate, Tang would indeed be the Chinese Warren Buffett. But the trial is already revealing details –not yet fully proven– by the Crown prosecutors, that Tang may be the Chinese Bernie Madoff; raising $50 Million, and losing $19 Million in the bad trading over the cost of 10 years, 1999 to 2009.
Chinese Bernie Madoff
As with Bernie Madoff, Tang is accused of affinity fraud, of targeting his own ethnic group mainly; through becoming a community leader, and outstanding citizen; organizing community and high society events, attended by Canadian and Chinese Government and society leaders, such as Canadian M.P., Olivia Chow, wife of the recently deceased Jack Layton, Leader of the federal Canadian political party, the NDP; Ontario MPP Minister Michael Chan.
Chinese Warren Buffett
In a bold move, through his amicus lawyer, Boushy, Tang stated already that he would be testifying in his own defence. Tang has stated that he is eager, in fact, to clear his name. As Tang claims that he is a better investor that Warren Buffett; and that Tang performed better than even Warren Buffett during the infamous financial tsunami!
The Tang trial resumes tomorrow with the cross-examination of the husband of investor Hang. The trial is expected to go 5-6 weeks, though experienced people are now guessing a trial of some 8-10 weeks is possible, as the Crown prosecutors move carefully forward, to convince the juror that Tang is the Chinese Bernie Madoff; and Tang fights back, to prove he is Warren Buffett, before Judge Alfred O’Marra, and the jury!
Irony that the Chinese leader, Weizhen Tang, the man who has such exalted monikers as “King of 1%,” “the Chinese Warren Buffett,” and the “Chinese Bernie Madoff,” is being judged by his “peers,” a jury of 12 men and women.