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.
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SOURCE Ontario Securities Commission