WORLD EXCLUSIVE: Canada’s worst, largest ponzi scheme fraud, Weizhen Tang, the Chinese Warren Buffett, King of 1%, gets 6 years in jail
Toronto. February 1, — Called one of Canada’s worst, largest ponzi scheme fraud, Weizhen Tang, the self-proclaimed Chinese Warren Buffett, King of 1%, was sentenced today; handcuffed and led from court. Without showing much emotion, Weizhen Tang stood up, as he was sentenced today, to 6 years in jail; plus another five years, if he fails to pay a $2.8 Million fine, within five years of his release!
Weizhen Tang was convicted of a $52 Million ponzi scheme fraud on October 30, 2012.
In the morning session of the sentencing hearing, today, it was uncertain if the convicted ponzi scheme fraud organizer, Weizhen Tang, would be sentenced today. But the prospect of a decision seemed more likely, as presiding Judge, Justice Alfred O’Marra showed great impatience at Mr. Tang’s comments. Judge O’Marra denied, in fact, a request by Weizhen Tang to read a 47-page statement, that Tang had prepared especially for his sentencing. Judge O’Marra noted Tang’s statement was not relevant; only another rehash by Weizhen Tang, criticizing his conviction, and condemning the justice and financial systems –a key theme of Weizhen Tang throughout his trial.
A sentencing decision seemed, especially, likely; after Justice Alfred O’Marra, called for a lengthy lunch break of 2 hours, rather than his customary 1-hour adjournment.
Before sentencing began at 4 p.m., today, Tang spoke at a local Chinese restaurant near the 361 University Avenue Courthouse. He maintained his claims of absolute innocence; with no apology nor remorse to the public, his victims, nor the Judge.
Tang still spoke about his own losses in this matter, being as bad, if not worse, than the losses of his investors.
Before leaving the restaurant, the convicted ponzi scheme fraud, Weizhen Tang, was busy writing notes, and speaking about his plans to continue his efforts to fight the injustice of the Canadian justice system. Leaving the restaurant, Tang talked about challenging the presiding Judge, Justice Alfred O’Marra, to be a true “guardian of justice,” and NOT send Weizhen Tang to jail; thus repudiating the “injustice of the Canadian legal system” that has seen “far too few criminal charges or convictions” in such high-profile and destructive fraud cases such as Bre-X and Nortel.
Earlier in the day, Weizhen Tang and Judge O’Marra had also exchanged heated words; with Judge O’Marra actually reminding the Chinese Warren Buffett, Weizhen Tang, that Tang had been CONVICTED by jury of fraud and dishonesty.
“Overwhelming evidence” that Mr. Tang committed fraud
In his decision, which began at about 4:05 p.m., today, Judge Alfred O’Marra noted that there was “overwhelming evidence” that Mr. Tang committed fraud. That Weizhen Tang had deceived investors of the nature and safety of their investment. That Tang had provided false false account reports. That monies from investors had not been properly used –used not only for investment trading, but to pay earlier investors –aka, a ponzi scheme fraud.
At trial, one of Tang’s defence had included his claim that his investor statements were NOT meant to be accurate accounting of investors’ monies; but rather a promise by Tang, of future payment. Ironically, today, Judge Alfred O’Marra called this a “ludicrous statement.”
Justice O’Marra noted that based upon Tang’s representations, some investors had borrowed monies from others, or gone and taken second mortgages on their homes, believing Tang’s statements of consistent investment increases of 1% per week. And that once Tang’s ponzi scheme fraud was revealed, some victims had become physically and mentally ill; marriages strained, and suicides contemplated.
Earlier in the morning session of the sentencing hearing, Tang’s wife, Mrs Hong Xiao Tang, told the court that about her family’s extreme suffering, since the collapse of their investment business –forced to take showers at the local YMCA because their hydro and gas had been turned off, for failure to pay.
Often in tears and sobbing, Mrs Hong Xiao Tang spoke about the threats against her; threats to kill her son. Sadly, the son, Vance Tang, now 18 years old, had once said that his teenage years had been taken from him, by the OSC, the Ontario Securities Commission, which had initially charged Weizhen Tang with fraud in 2009.
Mrs Hong Xiao Tang, herself, said she was admitted voluntarily, to hospital in 2010, after contemplating suicide.
Judge Alfred O’Marra accepted that the Tang family had suffered greatly, but noted that such suffering could NOT be a mitigating factor in Weizhen Tang’s sentencing.
The fall of Weizhen Tang
What a fall for Weizhen Tang, once one of the most prominent Chinese figures outside of China. Tang was a respected community and international leader, donating and leading campaigns to help relief efforts for disasters in China; organizing 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 racism against Chinese peoples around the world.
Judge Alfred O’Marra noted that Tang’s community reputation and efforts; but stated that such community efforts and events were likely as much a tool in Weizhen’s sophisticated ponzi scheme fraud, to attract new investors.
Weizhen Tang handcuffed and led away
In sentencing Tang today, Judge O’Marra noted that for years, Weizhen Tang, the Chinese Warren Buffett, claimed investment returns of 1% per week; but that the King of 1%, Weizhen Tang, was forced to admit to his investors in the spring of 2009, that the $52 – $60 Million raised was completely depleted! And, in fact, that for most of 2008, the Chinese Warren Buffett had done very little investment trading.
Amongst those looking on, as Tang was handcuffed, and led from the court, were Crown lawyers, Mr. Robert Gattrell and Mr. Gavin Macdonald, who successfully convinced a jury of Weizhen Tang’s guilt. In fact, the jury had taken about only one hour to return a guilty verdict against Tang.
At lunch, today, before his sentencing, likely, anticipating his imminent sentencing, Weizhen Tang, spoke of his appeal. That he would be vindicated one day soon, as Weizhen Tang –one of the world’s greatest investment traders, the Chinese Warren Buffett, the “King of 1%.” In handcuffs today, sadly, Weizhen Tang looked more like the Chinese Bernie Madoff, that his victims are calling him.