'Chinese Warren Buffett' Ran $75M Ponzi Scheme: SEC

Law360, New York (April 6, 2009, 12:00 AM EDT) -- A man who billed himself as the Chinese Warren Buffett and his Toronto-based hedge fund ran a multimillion-dollar Ponzi scheme that targeted members of the Chinese-American community, the U.S. Securities and Exchange Commission has alleged.

In a complaint filed Friday with the U.S. District Court for the Northern District of Texas, the SEC accused Weizhen Tang, 50, of using money from new investors to pay out false profits to other investors.

That same day, Judge Jane Boyle granted the SEC's motion for a temporary restraining order,...
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