The Canadian Press

Weizhen Tang, who faces accusations of securities fraud, wants to have a cease-trade order lifted after more than 40 investors signed consents asking that he be allowed to trade for them.

Tang, who calls himself the Chinese Warren Buffet, said Tuesday he will bring a motion before the Ontario Securities Commission on Nov. 13 seeking to have the order lifted.

“We will submit that, if 40 investors waive the OSC’s protection, then perhaps the public interest does not require the continued restriction of Mr. Tang’s ability to trade where these particular investors are concerned,” said Tang’s lawyer, Loftus Cuddy.

Tang and his associated companies, face 12 criminal charges including securities fraud and other contraventions of Ontario securities law.

The charges also include accusations of unregistered trading in securities and Illegal distributions of securities.

Commission staff allege that at least $40 million was invested in Oversea Chinese Fund Limited Partnership by more than 100 investors, including Ontario residents.