Warren Buffett handcuffed in courtroom –the “Chinese Warren Buffett,” that is.
October 31, 2012 –Toronto, Canada– For several years now, Weizhen Tang, the self-proclaimed “Chinese Warren Buffett,” claimed to be one of the world’s greatest financial advisers and hedge fund managers. In fact, Weizhen Tang has claimed to outperformed Warren Buffett, himself, during the 2008 “financial tsunami” crisis.
Ironically, Weizhen Tang was convicted yesterday of being the largest ponzi scheme fraud in Canada of that era.
Weizhen Tang convicted of being the largest ponzi scheme fraud in Canada
Today, Weizhen Tang is more the “Chinese Bernie Madoff,” after being denied continuance of his bail, and led away from the courtroom in handcuffs.
After being convicted, yesterday, of fraud of some $60 Million in investments, Canadian Crown prosecutors sought the immediate revocation of the bail of Weizhen Tang, the Chinese Warren Buffet. Weizhen Tang and Mr Peter Boushy, his amicus lawyer, “friend of the court” lawyer, fought the motion of jail, yesterday, and into this afternoon of October 31, 2012.
Tang was charged with criminal fraud in November 2009.
Weizhen Tang went to China to trade in the financial markets, in hopes of making enough money to pay back his investors. But instead, in January 2010, because he did not return upon a prior agreed upon date, Toronto Police arrested Tang, the Chinese Warren Buffett, upon his return from China. Tang could NOT post bail and was arrested and jailed in Toronto by the Toronto Police.
Begging poor, Tang, the then-accused $60 Million ponzi scheme fraudster, was granted bail with two surety persons; one being his wife, Hong Xiao; the other being their friend and supporter, Ms Tao Jie –Weizhen Tang’s hairdresser!
Yesterday, October 30, 2012; and this morning, it appeared that the Judge Alfred O’Marra was open to granting Tang, the Chinese Warren Buffett, his continued bail. Tang noted he is not a flight risk, his family, his son, and wife, are in Toronto. And the Toronto Police already have his passport. And in any case, Tang proudly noted that he is NOT a “small man,” not the kind of man who would run away.
But matters turned against Tang about mid-morning today; after Tang’s amicus lawyer, Peter Boushy, advised the Judge, Judge Alfred O’Marra, that Weizhen Tang’s wife, Hong Xiao, requested approval to travel to China, to visit her dying father.
This request by the Tangs, triggered a sliding cascade against Tang’s bail hopes.
The Canadian prosecutors, “Crown Attorneys,” Mr Robert Gattrell, and Mr Gavin Macdonald, vehemently opposed Tang`s bail. Judge O’Marra noted that Weizhen Tang`s “community roots” were greatly diminishing, with his conviction yesterday; his wife`s desire to travel immediately to China, his house being foreclosed by TD Bank.
All this activity prompted Tang`s other surety, Ms Tao Jie, to withdraw her surety. Tang, the Chinese Warren Buffett, offered argument that he had some $260,000 certainly; and fund monies of over $1 Million, frozen by various Court orders in Canada, the USA, the American SEC, and the Ontario OSC.
The Crown prosecutors, Macdonald and Gattrell, noted these funds were frozen, and under dispute with Tang`s investors.
Tang noted that there was no benefit to jailing him. He needed to help his family, settle his family’s foreclosing house, comfort his wife, and her dying father. The now convicted ponzi fraudster, even noted, that his jailing would not help his former investors, nor get their money back.
Yet none of Weizhen Tang’s comments were helpful with Judge Alfred O’Marra. Between the uncertainty of Tang`s funds, Tang`s surety, Ms Tao; Tang`s other surety, Tang`s wife, Hong Xiao; Judge O`Marra revoked the Chinese Warren Buffett`s bail, and ordered his return to jail.
Weizhen Tang`s wife was crying and sobbing in the court; falling to the ground
Judge O`Marra so ordered the jailing of Tang, in a quiet voice; but soon Weizhen Tang`s wife was crying and sobbing in the court; falling to the ground; her face buried in the floor, and her own tears.
Tang was required to empty his pockets, remove his cell phone, which were given to Tang’s sobbing wife.
Sadly, a former Chinese Canadian community leader, Weizhen Tang, the Chinese Warren Buffett, was lead away from the courtroom today; looking much more the Chinese Bernie Madoff, in handcuffs.
Sources say that Tang plans to appeal his conviction.