Skip navigation

Chinese Affinity Madoff-like Scam

or Register to post new content in the forum



  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Apr 6, 2009 10:01 pm

_popupControl();<?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />


An irreverent Wall Street Blog
by Bill Singer


Chinese Affinity Fraud (Variation on the Madoff Theme)

Written: April 6, 2009

By Bill Singer

SUMMARY: Weizhen Tang, the self-described "Chinese Warren Buffet" recently admitted to investors that since at least 2006 his Toronto-based hedge fund, Oversea Chinese Fund Limited Partnership (the "Hedge Fund"), operated as a Ponzi scheme. In February 2009, Tang told investors that he and the Hedge Fund posted false profits on investors' account statements for the purpose of concealing substantial trading losses, and, more insidiously, to attract new investors to his fund. Tang further admitted that he used funds from new investors to return principal and payout purported profits to other investors. Tang admitted to investors that the Hedge Fund paid out at least $8 million in purported profits in 2006, 2007, and 2008 - despite significant trading losses incurred during that time. Since at least as early as 2004, more than 200 investors have collectively invested between $50 and $75 million in the Hedge Fund.

For full analysis, visit:

Apr 7, 2009 11:17 pm

Bill ,

  This character is " something" . I hope that the OSC , Commercial Crime Units at the investigating level throw the " book " at this guy. Sometimes you have to wonder how these people can troll and find intelligent people and fleece them. Look at Madoff's victims and when the victims of Tang speak out ...people will be stunned. The List will include - Accountants , Lawyers , Doctors , Business Leaders and the public will ask - HOW?