Source: The Canadian Press

An alleged fraudster who calls himself the Chinese Warren Buffett says he needs legal aid to pay for his defence.

Ahead of his Toronto court appearance today, Weizhen Tang said he is prevented from trading and his money has been frozen.

Tang, 51, is charged with fraud amid allegations he ran a $30 million Ponzi scheme that defrauded dozens of investors in Canada, the U.S., and China.

Outside court today he maintained his innocence.

Tang says his hedge fund lost less than 20% of its value, which he says is less than banks and other financial institutions lost during the economic downturn.

Tang, who was jailed in mid-January after flying back from China, was granted bail last month.