DALLAS - A Canadian man who dubbed himself the "Chinese Warren Buffet" faces federal charges in the United States of running a Ponzi scheme targeting Chinese-Americans that has left millions unaccounted for.
The Securities and Exchange Commission says a federal judge in Dallas has frozen the assets of 50-year-old Weizhen Tang, of Toronto.
Several of his businesses, including a Texas-based capital management firm, have also been frozen.
The SEC said Tang raised between $50 million and $75 million from about 200 investors for his hedge fund and operated a Ponzi scheme with the hedge fund since at least 2006.
The government said Tang recently told investors he paid out about $8 million in fake profits.
But the SEC said another $9.6 million is missing.
Tang didn't immediately return a message seeking comment.
The Ontario Securities Commission is also investigating Tang.
