WE WANT HIM TO KEEP TRADING: WEIZHEN TANG’S INVESTORS

096.ca 2009年10月23日 05:06 Nancy Jin “Mr. Weizhen Tang has expressed his strong will to pay back all investors; investment principle and interests. However, he has no other way to earn money but only trade. He is confident that he will be able to start doing monthly payment if OSC could allow him to trade.” “I am aware that Mr. Tang currently faces charges, including a charge of fraud, before the Ontario Securities Commission, and that he has been ordered not to engage in trading…” “Notwithstanding the charges faced by Mr. Tang, I will still prefer that Tang be permitted to trade on my behalf in the securities or currency markets, and that Tang be permitted to provide me with investment advice generally, pending the outcome of his charges in 2010.” “I have read and fully understand the foregoing… I voluntarily authorize Mr. Weizhen Tang to trade on my behalf.” Above are the excerpts from 22 consent forms signed by Weizhen Tang’s investors who believe that Tang has the ability to recover their investment losses by trading in foreign currency market. “Each of us has invested more than $150,000. The OSC’ decision to suspend Tang’s trading will result in total, unrecoverable loss of our investments. This will cause severe losses to us investors, and is not in the best interests of the public. This is something that we cannot accept on any terms,” said the statements signed by 90 of Tang’s investors in late March, 2009. Never before has anyone who was charged with Ponzi or fraud had gained investors’ trust like Tang has, says Tang’s lawyer, Mr. Loftus Cudy. Tang who faces several charges filed by the OSC, including fraud charges, was ordered by the provincial securities watchdog to temporary cease trading in securities. Since the cease trade was initially issued against Weizhen Tang on Mar. 17, 2009, it was extended, for several times, until Nov. 16, while Tang was ordered to cease all forms of trading. 唐的律师将这22份同意书作为一项动议附件于10月22日递交证监会。 The 22 consent forms are attached to a motion record filed by Tang’s lawyer to the OSC on Thursday, Oct. 22. The motion seeking an order permitting Tang to trade, under the supervision of a portfolio manager, will be heard on Nov. 13 where Tang will be cross-examined. Tang has the skill and experience to trade successfully in all markets, and he will make all of his trading transparent by providing full accountings of trading to the OSC, the investors and the supervisor, should Tang be allowed to trade, according to the motion record. “The existing cease-trade order functions as a penalty before trial, and a return to trade would allow Tang to recover the losses incurred in the market,” states the document. In Tang’s affidavit attached to the motion record, Tang claims that he is a quite successful trader. “I truly believe that, were I permitted to trade, I would again be successful.” Tang states in his affidavit that losses sustained by investors in the Oversea are “entirely consistent with financial and business losses sustained in the market.“ Tang further states that, as his primary concern has been the well-being of investors, he would not seek remuneration from investors until after they their losses are covered. Tang also denies that the OSC allegations that he used later investors’ money to pay out early ones. Cudy told reporters on Thursday that “the hearing on the cease trade order will be an uphill battle, where Tang will be seeking the right to be allowed to give investment advice using his special methodology under the direct and close supervision of a senior portfolio manager…. If Tang is qualified for what he is seeking, it would surprise me but delight me, Tang and his investors. “My client is convinced that he is innocent, that he did nothing wrong, and that he is a great trader… He’s got a level of confidence… I have never seen anybody like that anywhere in my life……” said Cudy.

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