Law360, New York (August 23, 2012, 3:39 PM ET) -- An investment manager who dubbed himself a "Chinese Warren Buffett" and then allegedly ran a criminal Ponzi scheme should disgorge $11.8 million in a U.S. Securities and Exchange Commission fraud suit, a Texas federal judge said Wednesday.
U.S. Magistrate Judge Renee Harris Toliver issued an order recommending that Weizhen Tang and three investment companies tied to him — Oversea Chinese Fund LP, Weizhen Tang & Associates Inc. and Weizhen Tang Corp. — fork over $9.1 million in alleged investor losses, plus $2.7 million in prejudgment interest....
'Chinese Warren Buffett' Faces $11.8M Ponzi Scheme Penalty
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