Monday, April 6, 2009

Weizhen Tang a.k.a the "Chinese Warren Buffet" is a fake!

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."