'Chinese Warren Buffett' denied bail

A Toronto financial adviser charged defrauding more than 100 investors of more than $30 million has been denied bail.

Weizhen Tang, 51, is accused of operating a Ponzi scheme through his hedge fund between January 2006 and March 2009.

Tang, who has described himself as "the Chinese Warren Buffett" returned to Canada from China last week to face the charge of fraud over $5,000. Toronto police officers arrested him after his flight from Shanghai arrived at Pearson International Airport last Wednesday.

The Ontario Securities Commission has forbidden Tang to trade and charged him in June with 12 fraud-related counts. A provincial court trial on those charges is set to begin April 19.

Tang is also wanted in the United States on a number of fraud-related charges.