Sentencing of Chinese Warren Buffett, Weizhen Tang
Toronto –November 28, 2012 — The Chinese Warren Buffett, Weizhen Tang, begins his sentencing hearing today; after being convicted of being a Chinese Bernie Madoff. Convicted on October 30, 2012, Tang began his sentencing hearing today, in front of Justice Judge Alfred O’Marra.
Various victim impact statements were read aloud in court today, outlining the tragic result to some of Weizhen Tang’s investors; some stating they lost life savings, or are in further debt, having borrowed money to invest in the Chinese Warren Buffett. Tang investors spoke of deep depression, marriage breakup, and thoughts of suicide; after learning of Weizhen Tang’s massive ponzi scheme fund.
Crown Gavin Macdonald noted that of the 8 aggravating factors in the Criminal Code regarding the sentencing for fraud, Weizhen Tang committed 5, or “maybe 6.”
Aggravating factors in sentencing for fraud included:
1 significant degree of planning. Tang’s fund had been running several years, in a very public, sophisticated manner, suggested Crown Gavin Macdonald.
2 large number of victims. Tang had some 200 investors.
3 devastating effect. Victim impact statements included such comments, as the victim would “rather die,” after losing their life savings in Weizhen Tant’s ponzi scheme fraud.
4 took advantage of high regard in the community. Tang spoke often during the trial, Crown Macdonald noted, of Tang’s high community presence and image.
Crown Attorney Gavin Macdonald stated the Government was seeking a jail sentence of 8-10 years against Weizhen Tang!
Tang and his amicus lawyer, Mr Peter Boushy, refused to offer Mr. Tang’s expectation of jail time. In fact, Lawyer Boushy suggested that Mr. Tang is still resisting the very idea that Weizhen Tang has been convicted of fraud, and is looking at jail time!
Weizhen Tang, in fact, had asked Judge Alfred O’Marra to adjourn today’s sentencing hearing; claiming that he had NOT had time to prepare properly, having only been released from jail last week, after being convicted on October 30, and jailed on October 31. Judge O’Marra, and the sentencing hearing began, to a full courtroom, Courtroom 4-5, in downtown Toronto.
Pre-sentencing Report on Weizhen Tang: NO REMORSE
The pre-sentencing report was raised by Crown Attorney Gavin Macdonald, noting that Weizhen Tang had no remorse for his investor victims; and that Tang took no responsibility for his ponzi scheme fraud.
Tang shot back that he took full responsibility, and still feels responsible to pay off his investors.
In any case, Crown Attorney Gavin Macdonald summarized the Crown’s sentencing request as 8-10 years in jail; with forfeiture from Weizhen Tang, the Chinese Warren Buffett, of some $2.8 Million, $2,849, 459. AND a lifetime ban against Weizhen Tang, in working in any position dealing with the assets, real property, etc of other peoples.
Sentencing hearing adjourned
As Tang’s amicus lawyer, Peter Boushy, has other trials over the next few weeks, Judge Alfred O’Marra adjourned the sentencing hearing to January 9, 2013. Crown Attorney Gavin Macdonald had stated the Crown’s desire to wrap up the case before the Christmas holiday.
Fortunately, Justice Judge Alfred O’Marra sided with “justice,” versus the timetable of the Crown prosecutors. Tang was clearly out of his element as the Crown cited various case law, justifying their call for a sentence of some 8-10 years, for the now convicted Chinese Warren Buffett.
Through today’s first day of the sentencing hearing, Weizhen Tang continued to profess his innocence; stating several times still that he has not committed any ponzi scheme fraud.