Canadian police arrest man accused of Ponzi scheme on his return to Toronto from China

Canadian police arrest man accused of Ponzi scheme

TORONTO — A Canadian man who dubbed himself a “Chinese Warren Buffett” and who allegedly defrauded investors of millions of dollars is due in court Thursday after he was arrested upon his return to Toronto from China.

Toronto police Staff Sgt. Edward Tymburski said financial adviser Weizhen Tang was taken into custody aboard the plane when his flight arrived at Pearson International Airport late Wednesday night.

Tymburski says he turned himself in to fraud squad officers.

Canadian police allege that between January 2006 and March 2009 more than 100 victims in the United States, Canada and China, were defrauded of about 30 million Canadian dollars ($29 million) through an online trading Ponzi scheme. Tang also faces federal charges in the U.S.