New twists at the trial of Weihzen Tang continues in Toronto, Canada. Tang wants us to see him as the Chinese Warren Buffett, but he is looking like the Toronto Chinese Canadian Ponzi scheme.
Another witness is called today, October 2, 2012, by the Ontario prosecutor, the Crown: Mr. Peter Aiming Lin. Lin invested some $630,000, and was shown account balances that stated that he had some $1.2 Million! In the end, after about 1 year of having his money invested with Weizhen Tang, Peter Aiming Lin got grand return of ZERO! Yes, the Government claims Peter Aiming Lin, like some other 200 investors of Weizhen Tang, got taken by Tang’s Ponzi scheme.
Thinking that Tang was indeed the Chinese Warren Buffett, Lin invested more and more money. But like others, after a “Live Demonstration” by the great Chinese Warren Buffett in early 2009, Lin panicked, as he saw trading losses by Tang. Tang has been accused of creating fake account statements showing continuous gains to investors like Peter Aiming Lin!
Tang’s story and the trial takes another unexpected twist today, as Weizhen Tang reveals to the jurors and court, that Peter Aiming Lin was accused, himself, of diverting $300,000 of investor funds, WinWin Capital, in Texas, USA, to Peter Aiming Lin’s own personal account in China!
This money had been authorized by Weizhen Tang’s investors, to help Tang recover their losses, and provide legal expenses.
Confronted by this accusation, Peter Aiming Lin, states that he sent the money to China, to stop Tang from using the money to restart his company, and stop Tang from trading again.
Tang’s Amicus Lawyer, Peter Boushy, repeatedly challenged Peter Aiming Lin; suggesting that Lin was sending the money to Lin’s own brother and sister in China. Peter Aiming Lin denied these claims.
And on that note, the trial of Weizhen Tang, the Chinese Warren Buffett, was called into recess.
The Ontario Candiand Government Crown prosecutors continue to call witnesses to outline how Weizhen Tang created “false” account statements, claiming continuous investment earnings, even during the “financial tsunami” that continues today.
Tang claims he is NO Ponzi scheme; and that there are much worse cases of financial fraud out there that the Governments of Canada, the U.S., and the world should be dealing with. Cases where elite bankers and financial players get bonuses and bailouts instead of jail. With the American and world economy collapsing Weizhen Tang may be right about misplaced and corrupted Government prosecution. But Tang’s personal fate remains very much undecided as his trial continues. The Chinese Warren Buffett or the Chinese Bernie Madoff!