SEC, ‘Chinese Warren Buffett’ Reach Interim Deal

Law360, New York (July 27, 2009, 7:21 PM EDT) -- The U.S. Securities and Exchange Commission and a Toronto-based hedge funder who allegedly ran a multimillion-dollar Ponzi scheme targeting members of the Chinese-American community have agreed to an interlocutory judgment.

The agreed judgment, filed Thursday in the U.S. District Court for the Northern District of Texas by Judge Reed C. O'Connor, freezes the U.S. assets of Weizhen Tang and his Oversea Chinese Fund Ltd. Partnership and Weizhen Tang & Associates.

The court will determine whether the defendants should pay disgorgement of ill-gotten gains and civil penalties...
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