The Canadian Press

Weizhen Tang, the self-proclaimed “Chinese Warren Buffett” who’s accused of orchestrating a Ponzi scheme that defrauded investors of tens of millions of dollars, says he’s committed no crime.

Toronto police this week issued a Canada-wide arrest warrant for Tang, 51, and are working with authorities in Hong Kong to bring him back to Canada to face a charge of fraud over $5,000.

The warrant is in addition to 12 counts of breaching the Securities Act laid last June by the Ontario Securities Commission in connection with the fund Tang administers, the Oversea Chinese Fund Limited Partnership.

“Business is not a crime,” Tang said Thursday in an interview with Business News Network. “I have nothing to do with a Ponzi … I don’t know what is a Ponzi.”

Tang said he told his investors, all of them members of the Chinese community, that he is in Asia to trade and make money for his investors.

“I’m the one who face the problem and I want to solve the problem.”

It’s alleged that between January 2006 and March 2009, more than 100 victims were defrauded of approximately $30 million through an online trading Ponzi scheme. Toronto police allege there were victims in the United States, China and Canada, including one Toronto-area resident who allegedly lost $2.4 million.

Police say Tang solicited wealthy investors, as well as new Chinese immigrants, to pay the minimum investment of $150,000 required to participate in his Oversea Chinese Fund.

A police investigation was launched in April 2009 after a number of people walked into a Toronto police division to complain that they’d been defrauded, said Toronto police spokesman Const. Tony Vella.

Arrangements had been made in November to bring the suspect back to Canada, but he did not return and police believe he is trying to raise money for his defence in Hong Kong, Vella said.

Tang said Thursday he had been planning to return to Canada Dec. 29 and had asked for an extension.

“My lawyer is talking to the police. When they have an agreement I will be back anytime. I don’t hide here, I don’t run away … That’s not my nature.”

Tang’s lawyer, Loftus Cuddy, has said his client is looking forward to clearing his name.

A native of mainland China, Tang came to Canada in the 1990s. He is a Canadian who lives in Toronto with his wife and children and his company is based in the city, Cuddy said.

A well-known figure in Toronto’s Chinese community, Tang helped fund the Chinese Lunar New Year Show and put on investment summits that featured economists from China and the U.S.

The OSC alleges Tang committed securities fraud. He’s also accused of unregistered trading in securities and illegal distributions of securities. His trial in Provincial Court in that case is scheduled to begin April 19.

On Wednesday, the OSC put out an investor warning that said Tang may be soliciting residents of Ontario for investment purposes and that previous Oversea Chinese Fund investors, their family or friends may be targeted.

Cuddy said he believes Tang is allowed to trade overseas. He also said his client plans to attend his trial on the securities charges.

Cuddy disputes suggestions his client fled the country, saying there was no prohibition on Tang leaving Canada. He said Tang left Canada the day after losing a bid in mid-November to have a cease-trade order against him lifted.