The Toronto Police Service Wednesday issued a warrant for the arrest of Weizhen Tang concerning accusations that he defrauded investors in an alleged Ponzi scheme.

Toronto police allege Tang, 51, defrauded more than 100 people in Canada, the United States and China, of approximately $30 million in Oversea Chinese Fund Limited Partnership. an alleged Ponzi scheme.

The allegations have not been proven.

A court trial in this matter is scheduled to commence on April 19, 2010.

Police note that Tang, who described himself as the “Chinese Warren Buffett,” was involved in online trading between January 2006 and March 2009.

In mid-November 2009, the Ontario Securities Commission declined to lift a cease trade order against Tang, despite signed consents from 40 investors asking that he be allowed to trade again. The OSC extended the order until June 30, 2010.

IE