Another ponzi scheme has hit the presses, this time involving a Chinese-Canadian by the name of Weizhen Tang who liked describe himself as the "Chinese Warren Buffet".
Since 2004 Tang has been running a Toronto-based hedge fund called the Oversea Chinese Fund Limited Partnership. Through targeting the large American and Canadian Chinese communities Tang was able to raise as much as $75 million from roughly 200 investors.
Reuters has a nice summary of this unfolding drama, which you can conveniently access by clicking here.
Attempts by Reuters journalists to reach Tang were unsuccessful. However in a public letter to partners posted on Weizhen Tang's website said
"I did not steal everyone's funds."
"For my investment partners, February 27 of 2009 was a most shocking, heart-breaking and grieving day."
"It was also a day of tremendous pain to myself, one that I had feared so much but eventually it arrived. Because of the sin that I had committed, I have hurt you badly. I'd like to extend my deepest apologies."
Monday, April 6, 2009
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