Yahoo Finance Regulators warn investors not to give their money to self-styled 'Chinese Warren Buffett'
He calls himself the Chinese Warren Buffett, but the Ontario Securities Commission (OSC) calls him a convicted fraudster.
The (OSC) has already banned Weizhen Tang, but he recently announced plans to get back in the game by luring individuals and institutional investors with a fund targeting returns of one per cent per week.
“Mr. Tang is permanently banned from participating in Ontario's capital markets, and none of the companies associated with him are permitted to solicit investments from Ontario residents or to provide advice on investing in, buying or selling securities,” said the OSC in a statement.
He wrote a book called “The King of 1% Weekly Investment Return: the Chinese Warren Buffett (My Way to Warren Buffettian's Wealth)” [sic]. But unlike Berkshire Hathway’s (BRK-A) Buffett, he suffered lingering damage during the financial crisis. Tang lost millions of investor dollars even though he promised them their cash was safe.
“In October 2012, Mr. Tang was criminally convicted of fraud. Additionally, he remains subject to an April 2016 Commission order, which permanently bans him from trading or acquiring any securities or derivatives, working as a registrant in the financial industry, or serving as a director or officer of a company or investment firm.” said the OSC.
Tang has called the OSC “anti-business” and harmful to investors.
Jessy Bains is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jessysbains
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