VANCOUVER, June 24, 2019 /CNW/ - The British Columbia Securities Commission (BCSC) is alerting investors that convicted fraudster Weizhen Tang is not registered to sell securities in B.C.
Tang was criminally convicted of fraud in Ontario in 2012 for running a $50-million Ponzi scheme through his company, Overseas Chinese Limited Partnerships. He was sentenced to jail and permanently banned from participating in Ontario's capital markets.
Recently, Tang made statements in the media that he plans to launch a new investment fund offering returns of one per cent per week, indicating that he intends to deal with investors in other provinces or countries to get around his lifetime market ban in Ontario.
The Ontario Securities Commission (OSC) and the Nova Scotia Securities Commission have both issued investor alerts about Tang, with the OSC also warning the public not to invest with Tang or in any associated companies, including Weizhan Tang and Associates Inc., Oversea Chinese Fund Limited Partnership, and Weizhen Tang Corp.
"The OSC has issued a strong warning to the public about Tang, and we are concerned that Tang may try to sell securities to B.C. residents," said Doug Muir, the BCSC's Director of Enforcement. "We urge the public to exercise extreme caution. B.C. investors who have been approached by Tang should contact the BCSC."
The BCSC urges British Columbians to exercise extreme caution when dealing with firms or individuals that are not registered in B.C. It is illegal to solicit investments in B.C. without registering with the Commission and complying with B.C. securities laws. To see if a company or person is registered, you can check the Canadian Securities Administrators' National Registration Search.
About the British Columbia Securities Commission (www.bcsc.bc.ca)
The British Columbia Securities Commission is the independent provincial government agency responsible for regulating capital markets in British Columbia through the administration of the Securities Act. Our mission is to protect and promote the public interest by fostering:
- A securities market that is fair and warrants public confidence
- A dynamic and competitive securities industry that provides investment opportunities and access to capital
Learn how to protect yourself and become a more informed investor at www.investright.org.
SOURCE British Columbia Securities Commission
For further information: Media Contact: Elise Palmer, 604-899-6830; Public inquiries: 604-899-6854 or 1-800-373-6393 (toll free), [email protected]