According to The Wall Street Journal there are reports of a self-proclaimed "Chinese Warren Buffett" involved in a multi-million dollar Ponzi Scheme. If you don't know what that is by now you're probably pausing to look down at your vibrating neon pink pager. Get with the program. I provided a link just in case.
The SEC has charged Weizhen Tang, also a Tangerine flavored beer, for allegedly running a Ponzi scheme through a Canadian-based hedge fund (Oversea Chinese Fund LP). He was rolling with $50 to $75 million from over 200 investors... must have been some high net worth individuals.
Mr. W. Tang provided false profits on investors' account statements and used the cash from new investors to return principal and pay more than $8 million in "here's someone elses money" profits to other investors.
The SEC is still investigating. Where were you when he was sending out the fake statements? I'm hoping a similar video of W. Tang shows up soon.
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