WORLD EXCLUSIVE: Convicted ponzi scheme fraud, Chinese Warren Buffett, Weizhen Tang, seeks bail again tomorrow –after spending exactly 21 days already in jail!
November 21, 2012 –Toronto— According to sources, Weizhen Tang, the self-proclaimed Chinese Warren Buffett, shall be seeking bail tomorrow, after being convicted of criminal fraud on October 30, 2012.
Investment manager, Weizhen Tang was convicted of criminal fraud on October 30, by a jury, after raising some $60 Million Canadian dollars, over some 3 years and some 200 investors.
Accused of being a ponzi scheme fraud, a Chinese Bernie Madoff, Tang attracted investors mainly from his own ethnic community, wealthy Chinese community in Canada, the USA, and China. Promoted as the “Chinese Warren Buffett,” Tang quickly fell last month, becoming the world’s Chinese Bernie Madoff, literally overnight. Until 2009 investigations by Canadian OSC and USA SEC government securities regulators, Tang was one of the world’s most prolific, rising Chinese financial star.
On October 30, immediately following the jury’s guilty verdict, fearing Weizhen Tang was a flight risk, the Canadian Government prosecutors –called “Crown” attorneys–Crown attorneys, Rob Gattrell and Gavin Macdonald , requested the revocation of Tang’s bail. Reserving his decision overnight, Justice Judge Alfred O’Marra was open to Tang’s bail, and freedom, pending his sentencing on November 28, 2012. But in a strange, unexpected cascade, one of Tang’s bail surety withdrew, while his other surety, his wife, Hong Xiao Tang, was striken as a surety by Judge Alfred O’Marra.
Without surety, Judge O’Marra ordered Weizhen Tang into jail custody. Led away in handcuffs, the Chinese Warren Buffett, left his wife, Hong Xiao, in the courtroom, sobbing on her hands and knees. That was October 31, 2012.
Today, November 21, 2012, confidential sources state that Tang has a new bail hearing tomorrow, before Judge O’Marra. Tang’s wife, Hong Xiao, has spoken with two new surety candidates, she hopes shall be appropriate to Judge O’Marra.
Sources note that the surety have the necessary financial strength required by Judge O’Marra. But there may be yet another obstacle to Tang’s freedom, as the surety are believed to be seeking a media publication ban of their names!
In today’s modern Internet and social media era, one wonders how the surety shall preserve their privacy. So Tang’s bail and freedom may not be assured, as he and family face collapse of their business and personal lives.
To increase the challenge to Tang and his wife tomorrow, in their bid for Tang’s bail, Tang’s court-appointed amicus lawyer, Mr Peter Boushy, is reportedly unable to appear at Tang’s bail hearing tomorrow.
Sources tell this world exclusive, that Tang’s wife, Xiao Hong, shall be left to plead Weizhen Tang’s bail alone, before Judge Alfred OMarra, without lawyer or amicus.
In any case, in less than 12 hours now, Weizhen Tang and his wife, Xiao Hong, shall be in court to seek bail and release of the Chinese Warren Buffett from jail, where the Chinese Bernie Madoff, Weizhen Tang, convicted ponzi scheme fraudster, has resided exactly 21 days, since his conviction for criminal fraud. If successful, Weizhen Tang, still faces years in jail, the infamous legacy of being a ponzi scheme fraud, and the ultimate end of his Chinese Warren Buffett dream.
The saga continues for the world’s Chinese Warren Buffett.