Weizhen Tang, Chinese Warren Buffett is convicted of defrauding $60 Million in investors
Toronto, Canada — Today, October 30, 2012, the “Chinese Warren Buffett” is convicted by a jury of fraud. In 2009, Weizhen Tang, the “Chinese Warren Buffett,” was criminally charged with defrauding American, Canadian and Chinese investors, after raising some $60 Million USD, between 2006 to 2009.
Tang was accused of being one of the largest ponzi schemes of that 2008 era, the “financial tsunami.”
Today, a jury took only some 4 hours to convict the Chinese Warren Buffett; making Weizhen Tang into more of a Chinese “Bernie Madoff.” Strangely, there is some echoes between the infamous convicted ponzi scheme fraudster, Bernie Madoff; and today’s convicted felon, Weizhen Tang: Madoff defrauded some $60 Billion; Tang defrauded some $60 Million. Madoff defrauded many investors from his own Jewish American community; Weizhen Tang defrauded many investors from his own Chinese American, Canadian and Chinese citizens.
Today, the prosecutors, called “the Crown” in Canada; sought to have the Chinese Warren Buffett returned to jail, pending his sentencing. But the accused and “his lawyer,” Peter Boushy, were able to defeat that motion. In another strange twist, Tang claimed as part of his defence, that he was NO ponzi scheme, as he did not even have enough money to hire a lawyer. Lawyer Boushy was actually appointed as a “friend of the court;” and paid for by the Court and the taxpayers, to assist Mr Tang with his defence, and ensure his legal rights were protected.
Sources offer confidentially that now that Weizhen Tang, the Chinese Warren Buffet, has been convicted, and become the Chinese Bernie Madoff; Tang could now face a jail sentence of 5-7 years.