The Ontario Securities Commission (OSC) is seeking to ban convicted fraudster Weizhen Tang based on his criminal conviction last year.

The OSC said Tuesday that it plans to hold a hearing on November 13, to consider whether to impose sanctions on Tang, who ran the Oversea Chinese Fund Limited Partnership and Weizhen Tang & Associates, based on his 2012 conviction for fraud. (See Investment Executive, SEC bars Toronto man from associating with investment advisors, November 21, 2012.)

SEC bars Toronto man from associating with investment advisors

According to the OSC’s allegations, after being convicted of one count of fraud over $5,000 at a jury trial in 2012, earlier this year he was sentenced to six years in prison and ordered to pay a $2.85 million fine or face another five years in jail.

In his sentencing findings, Justice O’Marra of the Ontario Superior Court of Justice found, among other things, that Tang defrauded investors in Canada, the U.S., and China, losing around $50 million. He said that Tang committed fraud by making misrepresentations to investors, providing false account statements, and running a Ponzi scheme.

Now, the OSC says that, as the offence he was convicted of arose from securities-related business, it is also seeking to impose its own sanctions on him stemming from that conviction.