A convicted fraudster who’s permanently banned in Ontario now stands accused by the Ontario Securities Commission (OSC) of breaching that ban.
The regulator alleged that Weizhen Tang — who was convicted of fraud in 2012 in connection with a scheme that took $50 million from investors — has now been charged with breaching a 2016 trading ban.
Specifically, the OSC alleged that between February 1, 2020 and August 31, 2021, Tang traded on behalf of two investors in violation of a ban by an OSC tribunal ban.
“The OSC alleges that Tang told an investor it was legal for him to trade securities in their account, as well as promising returns of 4% per month. Tang’s alleged trading on behalf of the two investors resulted in losses over $150,000,” it said.
The allegations haven’t been proven.
Tang is scheduled to appear in a Toronto court to answer the charges on Oct. 4.