The Ontario Securities Commission has refused to lift a cease-trade order against Weizhen Tang, who faces accusations of securities fraud.

Tang sought to have the order lifted after 40 investors signed consents asking that he be allowed to trade for them.

In an order dated November 13, the OSC denied Tang’s motion to lift the cease-trade order and extended it until June 30, 2010.

The OSC adjourned the hearing to June 29, 2010.

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.

IE