'Chinese Warren Buffett' Faces $11.8M Ponzi Scheme Penalty

Law360, New York (August 23, 2012, 3:39 PM EDT) -- 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....
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Case Information

Case Title

Securities and Exchange Commission v. Oversea Chinese Fund Limited Partnership et al

Case Number



Texas Northern

Nature of Suit



Reed C O'Connor

Date Filed

April 3, 2009

Government Agencies

UK Financial Services

UK Financial Services

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