WORLD EXCLUSIVE: Convicted ponzi scheme fraudster, “the Chinese Warren Buffett,” Weizhen Tang, GETS BAIL
November 22, 2012 –Toronto– Moving between moments of pleading and defiance, Weizhen Tang was freed today on bail, pending his sentencing hearing, a mere 6 days away on November 28. This world exclusive, provides some of the first details of the granting of bail, to Weizhen Tang, convicted fraudster. Including the surnames of Tang’s surety, Mr Wong, and Ms Liu. Yesterday, this blog correctly predicted that the surety would seek a court-ordered publication ban on the reporting of their names by the media. The presiding Judge, Justice Judge Alfred O’Marra, denied such a media publication ban.
Accused of being a ponzi scheme fraud in 2009, Tang was convicted in Canada, of criminal fraud on October 30, 2012; and jailed one day later on October 31, after his bail was revoked. Today, after spending 21 days in jail, presiding Justice Judge Alfred O’Marra granted Weizhen Tang bail; noting that he, Judge O’Marra, had originally been always open to granting Tang bail, on October 31, 2012, after Tang’s conviction; but was basically forced to deny bail to Tang then, because Tang’s own surety withdrew her pledge to Tang.
Judge Alfred O’Marra suggested Weizhen Tang’s original surety withdrew because of Tang’s conviction for fraud last month.
An astounding story is that of the new surety to Tang. Two new surety shall be liable for Tang’s new and much-higher $300,000 bail. The two new surety stated that they practically have no relationship, contact, or knowledge of Weizhen Tang, convicted ponzi scheme fraud.
One surety, a feisty Chinese man, Mr Wong, offered to post bail of $350,000, if necessary, “to see justice done,” to see Tang’s release today. The other surety, a quiet Chinese woman, offered $150,000; though Crown Attorney Gavin Macdonald noted, she balked at pledging beyond that amount. Perhaps, she was intimidated by the questioning of the Crown attorney?!
Judge O’Marra, ultimately, set Tang’s bail at $150,000 by EACH surety, which was double Tang’s original 2010 surety pledge of $150,000 in total, when Tang was first charged and arrested with fraud.
During today’s bail hearing, the sureties sat, flanking Tang’s wife, Xiao Hong, in the courtroom. With obvious relief and joy, Mrs Tang nodded with great emotion to each surety, as Judge O’Marra granted her husband his freedom after 21 days in jail.
In Canada, Government lawyer prosecutors are called “Crown Attorneys.” At today’s bail hearing, the Government lawyer was Crown Gavin Macdonald, also one of the prosecutors at Tang’s original fraud trial.
In today’s bail hearing, Crown Macdonald repeatedly asked the two prospective surety, if they knew that Weizhen Tang had been convicted of fraud over $5,000 by a jury, in an eight week trial; offering a fraud figure of $52 Million.
Interestingly, amazingly, Tang’s surety today, offered this as one of the reasons that he felt compelled to help Weizhen Tang; and even, to question Tang’s conviction. As throughout Tang’s investigation, pre-trial, and trial, the actual figures cited of Tang’s investments and losses have shifted with the Crown and Canadian Ontario securities regulator, OSC, the Ontario Securities Commission; sometimes cited as $30 Million, to as high as $60 Million, or $70 Million.
In fact, Crown Gavin Macdonald and the surety became engaged in often heated debate about Tang’s innocence. With the surety challenging Crown Macdonald, about the whereabouts of such a large sum of money, if Tang was truly guilty of such a ponzi scheme fraud.
Fortunately, in his decision, Judge Alfred O’Marra noted that the views of the surety were NOT relevant in the decision to grant bail to Mr Tang; that the surety had his rights to his view. In Canada, it seems freedom of expression and thought is NOT lost yet…
The surety, a restaurant owner in Mississauga, felt that Crown Gavin Macdonald was trying to bully him, into withdrawing his surety; noting how Crown Gavin Macdonald, also,repeatedly criticized the potential surety, for NOT having a plan to supervise Weizhen Tang during the proposed bail.
The surety eventually snapped back, and challenged Crown Macdonald to offer the supervision plan, and he would accept it. Macdonald did not offer a plan.
The surety stated that he had trust in Weizhen Tang, partly because Tang had voluntarily returned to Canada, from China, to face the ponzi scheme fraud charges in 2010 –implying that Tang could have remained in China, to evade Canadian and American legal charges.
Interesting, Tang’s other surety was a gentle Chinese woman, a real estate agent, who also did NOT know Tang nor his family well, having only met Tang 3 or 4 times, while selling USANA nutritional food products to Tang’s wife, Mrs Hong Xiao Tang.
The surety and her husband simply stated that they trusted Tang to abide by his conditions, and that they felt that someone had to help get Tang bail; given the tragic situation of Mr. and Mrs. Tang: Mrs. Tang’s father being ill and dying; the Tang’s having a young teenage son; and the TD Bank foreclosing on the Tang’s house.
Rightly so, Crown Gavin Macdonald, repeatedly warned –hammered– that the surety would be fully liable for any breach of the bail conditions of Weizhen Tang, a man convicted of a massive ponzi scheme fraud, mere weeks ago; by a jury, in an eight-week trial…
In a positive demonstration of human goodness and trust, both surety stated they fully understood Tang’s crime, and their liability as surety –of $150,000 each!– to Mr. Tang, a virtual stranger to them.
Today, before making a bail decision, Judge O’marra, invited Weizhen Tang to speak. After 21 days in jail, Tang sounded strong, maybe even defiant, but certainly sincere in thanking Judge O’Marra and the surety. He noted that he had been fully cooperative, and always abided fully with his original bail, from 2010 to his 2012 trial.
With his now well-known defiance, Weizhen Tang, the Chinese Warren Buffett, even noted that he had always welcomed the opportunity to defend himself; and that he was, indeed, still looking forward to doing so.
Judge Alfred O’Marra asked Weizhen Tang, what he would do, if granted bail
Without hesitation convicted ponzi scheme Weizhen Tang stated with some emotion, that he was the “man in the family,” that he hoped to get bail, needed to get bail; in order to help his family; arrange his family financial matters; prepare his case for his criminal trial sentencing on November 28, 2012; and prepare his case for upcoming Ontario Securities Commission OSC trials.
Tang noted it was difficult to prepare his sentencing efforts, being anxious and nervous in jail; having difficulty being in communication with Peter Boushy, Tang’s court-appointed amicus lawyer.
Today, besides protecting the legal record, Justice Alfred O’Marra seemed to side to the humanity of society and the justice system; granting Weizhen Tang bail release, backed by seemingly sincere surety offers, by two virtual strangers, who supposedly, felt simple sympathy for both Tang’s legal struggle against “the system,” and for Tang’s increasingly tragic story of financial and personal ruin: Tang’s dying father-in-law; the looming foreclosure of Tang’s house; and mounting legal action against Tang.
With Tang’s daughter, Weiyi Tang, in Hong Kong, and perhaps millions of dollars, rumoured to be hidden in China, Tang’s wife has already announced her plans before Judge O’Marra, her plans to leave immediately for China –right after her husband’s fraud conviction; supposedly to see her dying father.
To his credit, today, Justice Judge Alfred O’Marra offered bail to a convicted fraudster, a ponzi scheme of some $52 Million. Weizhen Tang, a man whose house may soon be in foreclosure; and with not enough money to have hired a lawyer in his own defence at trial, or today at his own bail hearing; increasingly, a man with “diminishing roots” in Canada, as Judge O’Marra noted.
Weizhen Tang, the Chinese Warren Buffett, now the Chinese Bernie Madoff, indeed. If Tang doesn’t skip out on his bail, Weizhen Tang shall be in court again, before the same Judge O’Marra, to begin sentencing submissions for being convicted as one of Canada’s most infamous ponzi scheme frauds.
The saga truly continues for the world’s Chinese Warren Buffett.