Weizhen Tang charged with breaching permanent trading ban

TORONTO, Sept. 18, 2024 /CNW/ - The Ontario Securities Commission (OSC) announced today that Weizhen Tang has been charged with breaching an order issued by the Capital Markets Tribunal, contrary to the Securities Act.

The OSC alleges that between February 1, 2020, and August 31, 2021, Tang accepted funds from, and traded on behalf of, two Ontario investors contrary to an order of the Tribunal, issued April 21, 2016, that permanently banned him from trading or acquiring securities. 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.

The order Tang allegedly breached followed a 2012 criminal conviction for a fraud that raised $50 million from over 200 Canadian investors. Tang was sentenced to six years in jail.

Following Tang's release from jail in 2019, the OSC issued a warning not to invest with Tang or any companies associated with him and reminded the public that Tang was 'permanently banned' from trading or acquiring securities.

The accused is scheduled to appear in court on this matter on October 4, 2024, at 9:00 am in Courtroom C at Old City Hall courthouse, Toronto, Ontario.

This investigation was conducted by a team within the OSC Enforcement division that investigates quasi-criminal and criminal offences related to securities, including the investigation of alleged recidivists. Their primary objective is to protect investors and further enhance confidence in the Canadian capital markets through effective enforcement.

Charges laid under the Securities Act are prosecuted by the OSC. Charges laid under the Criminal Code are prosecuted by the Ministry of the Attorney General.

The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair, efficient and competitive capital markets and confidence in the capital markets, to foster capital formation, and to contribute to the stability of the financial system and the reduction of systemic risk. Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at http://www.osc.ca.

Follow us on X
Follow us on LinkedIn

SOURCE Ontario Securities Commission