The Canadian Press

A Toronto financial advisor accused of operating a multimillion-dollar Ponzi scheme will spend another night in jail as lawyers sort out the question of his bail.

Weizhen Tang, 51, who is charged with fraud over $5,000, is accused of defrauding about 100 investors of about $30 million through his hedge fund. He returned to Canada from China last week to face the charges.

At his bail hearing today, his wife and some friends told the court they could use equity in their homes to guarantee his bail.

But Crown prosecutor Warren Thompson says he opposes bail, fearing Tang could pose a flight risk or commit further offences.

The hearing has been put over until Tuesday, when the Crown and defence lawyers will make their submissions to the judge.

In court Monday, Toronto fraud squad Det. Gail Regan outlined how she was handed the case in May of 2009 after citizens went to police and claimed that Tang had taken their money.

Defence lawyer Loftus Cuddy did not seek the usual publication ban on the hearing, saying that “Mr. Tang likes publicity,” and the Crown also says it did not ask for a ban.