http://www.bnn.ca/news/11061.html
Weizhen Tang, accused of running a $40-million Ponzi scheme, has reached an interim agreement to settle civil charges with the U.S. Securities and Exchange Commission.
Under the deal, Tang's assets will be frozen, and a U.S. Federal court will rule if he'll be forced to pay back investors or other civil penalties.
In the settlement, Tang doesn't admit or deny the SEC claims. It includes a court order barring him from violating U.S. securities law in the future.
Tang ran the Oversea Chinese Fund Ltd. Partnership and the Weizhen Tang Corp.
He still faces civil and regulatory charges in Canada. He was charged in June with 12 criminal charges, including fraud. |