Weizhen Tang told his investors they deserved to be rich and only he could make them so. Even now, after he lost all their money and was charged with running one of the country’s largest Ponzi schemes, his disciples still want him to keep trading. They believe it’s the only way they’ll get their $30 million back By Nicholas Stein, Illustrations by Jeffrey Smith
When Air Canada flight 88 from Shanghai arrived an hour late at Pearson airport last January 13, a group of officers from the Toronto Police fraud squad were waiting to meet it. They were there to apprehend Weizhen Tang, a 51-year-old native of China who had lived in Toronto since the early 1990s. Tang was accused of perpetrating one of the largest investment frauds in Canadian history: a Ponzi scheme involving up to 200 victims in Toronto, the United States and China. Two weeks earlier, he had agreed to surrender to authorities at Pearson, but he never arrived, prompting police to issue a warrant for his arrest. They feared he’d stay in China to evade prosecution.
As the passengers of flight 88 watched from their seats, the officers entered the aircraft and made their way through the cabin. This time, Tang was on board. They handcuffed him, escorted him into a police cruiser, and drove to 51 Division. As the car pulled up, Tang stared forlornly out the window at the media horde gathered to document his capture. Wrapped from the neck down in a dark coat and scarf, his eyes peering from behind wire-rimmed glasses, he looked small and vulnerable. Inside the station, he was stripped and searched.
Read the rest of this entry »
Follow Toronto Life on Twitter, Facebook and via RSS