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First allegation of a Ponzi scheme in Canada

June 11, 2009 - 6:20am | Fraud | News
First allegation of a Ponzi scheme in Canada

The Ontario Securities Commission charged a Toronto fund manager Weizhen Tang, who ran the Oversea Chinese Fund Ltd. Partnership, with fraud and accused him of running a C$40 million ($36 million) Ponzi scheme, reports Bloomberg. Tang who claimed to be the Chinese Donald Trump, faces 11 other charges, including unregistered trading in securities and illegal distribution of securities.
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Canada | investment fraud | OSC | Ponzi scheme | scam | securities
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