Weizhen Tang, Fraud, and the Financial Tsunami Crisis
Toronto. December 26, 2012 — In 2004, the world had not yet heard about Weizhen Tang, the Chinese Warren Buffett; the hedge fund manager who would claim investment returns of 1% per week! But on December 26, 2004, the world was utterly shocked by one of the worst natural and human disasters, the Asian Tsunami of 2004. During the festive Christmas holiday season, the day after Christmas, audiences around the world were stunned, transfixed as the media broadcast the human tsunami tragedy, that wiped out entire coastal areas in the Indian Ocean; eventually claiming some 300,000 lives. Some 10 million were displaced or homeless.
The wonderful people of the world responded with compassion, love and generosity. Over $14 Billion in donations were pledged, it has reported over the years.
In 2006, Weizhen Tang, the self-proclaimed investment wizard, emerged onto the global scene. He has often called himself a positive, powerful, visionary tsunami. He was promoted as the great Chinese Warren Buffett, with extraordinary live trading demonstrations, in which potential investors would sit with him, in private trading sessions, drinking expensive wines and cognac; while Weizhen Tang achieved daily investment returns of 1% or more, per week!
Weizhen Tang, the Chinese Warren Buffett
By 2008, Weizhen Tang was one of the most prominent Chinese figures outside of China, a respected community and international leader. He donated and lead campaigns to help relief efforts for disasters in China; he inspired and organized one of the world’s largest global goodwill rallies in early 2008; encouraging global friendship and harmony, as criticism against the China Beijing 2008 Olympics, became animus against Chinese around the world.
Financial Tsunami of 2007-2009
By 2008, the term “tsunami” was used to describe the tragic global financial crisis of 2007, 2008 and early 2009, the worst since the 1930’s Great Depression. Some suggest that the economic and social collapse of today is the mere continuance of the 2008 Financial Tsunami. Through the “Financial Tsunami of 2007-2009,” some of the largest and oldest financial institutions in the USA and around the world collapsed. Stock markets crashed. Property and real estate values collapsed; continuing today, with many American homeowners now “underwater” –their properties worth less than the value of their mortgage owed to the banks. Company revenues and profits dropped, layoffs resulted. Unemployment spiked… Governments were “forced” to bailout banks and companies that were deemed “too big to fail.” Today, USA unemployment is at record highs, though the USA Government and media around the world, play the fraudulent statistics game, of not counting the number of Americans who have just given up on finding a job.
Consider Detroit, in 2010, the 13th largest city in America. By 2011, with an unemployment rate of some 30% –over 50% claimed by many experts; again, citing the statistical game, of NOT counting people that had given up seeking work…. The image of Detroit is both frightening and increasingly commonplace in America and around the world.
Fiscal Cliff, 2012-2013
Today, December 26, 2012, 8 years to the day of the 2004 Tsunami tragedy, we are faced by a new tsunami that threatens to push the world off the “fiscal cliff.” On December 31, 2012, the American government must make a new agreement, or else see the automatic launch of new taxes on Americans, and cuts to government spending.
Weizhen Tang, Ponzi Scheme Fraud, the Financial Tsunami Crisis, the Fiscal Cliff.
With this background, a strange intersection is about to happen of these seemingly unrelated issues. On December 26, 2012, Weizhen Tang, no doubt, is considering his future. Convicted of criminal fraud, of being a criminal ponzi scheme fraud, Tang returns to court on Janauary 9, 2013, to face Judge Justice Alfred O’Marra, to continue the sentencing hearing. Prosecutor lawyers, called “Crown” lawyers in Canada, Crown Robert Gattrell, and Crown Gavin Macdonald, have asked for a sentence of some 8-10 years in prison for Weizhen Tang, the convicted Chinese Warren Buffett.
Tang has been issuing comments and posts to the internet, suggesting that Weizhen Tang shall be seeking not only a lesser jail term, but no jail term at all. Amazingly, Weizhen Tang considers himself completely innocent still of all charges against him. Tang partly blames his fall and the loss of investors’ money on the Financial Tsunami of 2007-2009. The financial crisis caused the economy to drop, the stock market to drop, the values of his investments to drop; and the increase of investor withdrawals. Tang was eventually forced with his wife, Mrs Hong Xiao Tang, to confront their investors and admit all the money was gone.
During the trial, prosecutors claimed Tang raised some $52 Million. He returned some $30 Million to investors; lost some $19 Million in trading… Quite the “tsunami” for Weizhen Tang, the Chinese Bernie Madoff.
Sadly, with the Fiscal Cliff days away, one of the lessons of the ponzi scheme fraud of Weizhen Tang, Chinese Warren Buffett/Chinese Bernie Madoff story is that governments, media and the public have not learned the lessons of the Tsunami of 2004, the Financial Tsunami of 2007-2009.
The massive fraud, waste, and corruption of some government and corporate officials continue. America is on the verge of a fiscal cliff, as American government spending continues to explode, in a shrinking economy. Politicians, government officials and the mainstream media smile, and ignore the looming fiscal collapse of America, and with it the world… Is that a figure standing on the edge of the “fiscal cliff,” a little man playing a violin? Is it Emperor Nero, playing the violin, oblivious to the collapse of his Roman empire, from decades of decade, fraud, waste and corruption… Sadly, it sounds familiar now in 2012…