TORONTO, June 10 /CNW/ - Today the Ontario Securities Commission (OSC)
laid 12 charges against Weizhen Tang, Oversea Chinese Fund Limited
Partnership, and Weizhen Tang & Associates (the "Defendants").
The Defendants are charged with contravening Ontario securities law by
- Securities fraud contrary to section 126.1 of the Ontario Securities
Act (the "Act");
- Unregistered trading in securities, contrary to section 25 of the
- Illegal distributions of securities, contrary to section 53 of the
- Making prohibited undertakings with the intention of effecting trades
in securities, contrary to section 38 of the Act.
Staff of the OSC allege that at least $40 million was invested in Oversea
Chinese Fund Limited Partnership by more than 100 investors, including
residents of Ontario.
The charges are being brought before the Ontario Court of Justice,
pursuant to the Ontario Provincial Offences Act. Each offence, on conviction,
carries a maximum fine of not more than $5 million or a period of
incarceration of five years less a day, or both.
The Defendants have been summoned to appear at the Old City Hall
Courthouse, 60 Queen Street West, Toronto, Ontario in Courtroom 111 at 9:00
a.m. on June 24, 2009.
The Defendants are already subject to temporary cease trade orders by the
OSC. These Orders prohibit trading of Oversea Chinese Fund Limited Partnership
securities and prohibit the defendants from trading in all securities.
Additionally, the OSC on March 18, 2009, froze the assets in trading accounts
of the Defendants. This order of the Commission has been continued by order of
the Ontario Superior Court of Justice.
The OSC is working with the U.S. Securities and Exchange Commission in
the ongoing investigation of this matter.
Copies of the charges are set out in Appendix "A" to the Information and
are available on the OSC website www.osc.gov.on.ca.
The mandate of the Ontario Securities Commission is to provide protection
to investors from unfair, improper or fraudulent practices and to foster fair
and efficient capital markets. Investors are urged to check the registration
of any person or company offering an investment opportunity and to review the
investor education materials available at www.checkbeforeyouinvest.ca.
For further information:
For further information: For Media Inquiries: Wendy Dey, Director,
Communications & Public Affairs, (416) 593-8120; Laurie Gillett, Manager,
Public Affairs, (416) 595-8913; Carolyn Shaw-Rimmington, Assistant Manager,
Public Affairs, (416) 593-2361; For Investor Inquiries: OSC Contact Centre,
(416) 593-8314, 1-877-785-1555 (Toll Free)