Sentencing of Chinese Warren Buffett, Weizhen Tang

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.

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About weizhen tang

The Chinese Warren Buffett or the Chinese Bernie Madoff. The King of 1% with investment returns of 1% per week! Or a ponzi scheme. These are recessionary, depression economic times with increasing mass unemployment, financial Wall Street corruption and scams; bank failures and failed, huge government bailouts and stimulus. Check in daily to read about information that can save you, your family, your loved ones, in the upcoming economic and social chaos. Be welcome to email confidentially, your thoughts, information, whistleblower tips about Weizhen Tang, ponzi scheme, government and corporate waste and corruption! Email us confidentially anytime at: thetruthabout.weizhentang@gmail.com
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3 Responses to Sentencing of Chinese Warren Buffett, Weizhen Tang

  1. Ted says:

    any idea where he stashed the 9 million in salary and commission he go? some went to his family
    I am fairly certain it is well hidden, must be some way to track it down.

  2. Terry I says:

    Tang took $9 Million in his ponzi scheme!! Of course, he hid it somewhere! But I read the Prosecutor Gavin Macdonald only wants Tang to serve 10 years in jail! Tang should do 20 years or more, more! I read Tang cheated investors’ life savings. Why are Judges and the justice system so easy on these ponzi schemes?!! Weizhen Tang, Conrad Black, Garth Drabinsky. They ripped off poor, inocent people, and they get to keep their huge ponzi scheme money, and serve a few years in some soft jail time.

  3. Terry I says:

    If Ted is right that family of Weizhen Tang got some of the $ 9 Million from Tang’s ponzi scheme, Tang’s family should be charged criminally too, and put in jail!, if they don’t give up their ponzi money, that they stole from decent people! What’s wrong with the Judge and Prosecutor, only asking for 10 years for Tang!!

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