Weizhen Tang seeks unusual and exceptional order from OSC: Tang’s lawyer
Since the cease trade was initially issued against Weizhen Tang on Mar. 17, 2009, it was extended, for several times, until Thursday Oct. 22, while Tang was ordered to cease all forms of trading.
The temporary cease trade order was, again, extended to Nov. 14, 2009 by the OSC today, and hearing on the matter was adjourned, under the request of Tang’s lawyer, to Nov.13, 2009.
Mr. Loftus Cudy, the lawyer of Tang told Chinese News that he filed a motion record on Thursday requesting an OSC order permitting Tang to trade in foreign currencies market, under the supervision of a portfolio manager, on behalf of Tang and Tang’s investors who have signed consents.
“Without Tang putting in any efforts at all, Tang’s investors, who lost money to Tang’s company, want him to keep trading… They believe in him, even though they are aware of various charges laid against him, including fraud and Ponzi charges,” said Cudy.
About 90 of Tang’s investors signed petition in April to allow Tang to continue trading. Twenty two of his investors signed consent forms attached to the motion record.
“The motion hearing will be a very exceptional and unusual proceeding,” said Cudy. “Never before has anyone who was charged with Ponzi or fraud still had his investors believe in him,” said Cudy.
“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.
“唐坚信他是无辜的。他没做错任何事，相信自己是一名很了不起的证券交易者…… 他非常自信…… 我的一生中从来没见过像他这样的人。”
“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……”
“Although Tang, on many occasions, has not followed my recommendations, including not talking to the media after being laid with fraud charges, he has never asked me to do anything that is inappropriate or against my conscience… He is a very smart person and I am proud to represent him,” said Cudy.