This is by far my favorite of all the ridiculous Ponzi’s (oh, so many to choose from!)
A federal judge agreed to freeze the assets of a man accused of running a multimillion-dollar Ponzi scheme targeting Chinese-Americans, primarily near Dallas. The Securities and Exchange Commission charged Weizhen Tang, who describes himself as the Chinese Warren Buffett, and a Canadian-based hedge fund that he controls.
Another day, another affinity scam, this one targeting Chinese-Americans. Sad, but true.
In addition to the “Chinese Warren Buffett“, here are some other nationality-based ponzi schemes investors should look out for:
Angus MacPonzi – The Scottish Bernie Madoff
Gooldmün Schnockts – The Goldman Sachs of Austria
The Prince’s Ransom Fund -Nigeria’s Premiere Investment Vehicle
Social Security – Targeting mainly young, working Americans
Hasselhoff Capital Partners – The Westgate Capital of Germany
Citigroup – A US-based fraud targeting primarily Saudi Arabian royalty