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Chinese "Warren Buffett" says he needs legal aid

An alleged fraudster who calls himself the Chinese Warren Buffett says he needs legal aid to pay for his defence.

Ahead of his Toronto court appearance Monday, Weizhen Tang said he is prevented from trading and his money has been frozen.

Mr. Tang, 51, is charged with fraud amid allegations he ran a $30-million Ponzi scheme that defrauded dozens of investors in Canada, the U.S., and China.

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After a brief judicial pre-trial meeting behind closed doors the case was put over until June 15.

Outside court Monday, Mr. Tang maintained his innocence.

He says his hedge fund lost less than 20 per cent of its value, which he says is less than banks and other financial institutions lost during the economic downturn.

Mr. Tang, who was jailed in mid-January after flying back from China, was granted bail last month.

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