A federal judge agreed to freeze the assets of a man accused of running a multimillion-dollar Ponzi scheme and fraud targeting Chinese-Americans, primarily near Dallas.
The Securities and Exchange Commission charged Weizhen Tang, who describes himself as the Chinese Warren Buffett, and a Canadian-based hedge fund that he controls.
The agency accused Tang of raising $50 million to $75 million for the Oversea Chinese Fund LP from more than 200 investors and of operating a Ponzi scheme with the hedge fund since at least 2006.
The SEC's complaint also charged investment adviser WinWin Capital Management LLC of Plano, Texas, and named Tang entities WinWin Capital Partners LP and Bluejay Investment LLC.
Beware The Self-Described "Stock Trading Whiz Kid" With A "Skyscraping IQ" And A Newsletter
And "Manny Backus" for his nom de plume.