Take Stock – January 7

Toronto police have issued a Canada-wide arrest warrant for a man who claims to be the Chinese Warren Buffet who’s accused of defrauding victims through a Ponzi scheme.

Arrest warrant for ‘Chinese Warren Buffett’

Toronto police have issued a Canada-wide arrest warrant for a man who claims to be the Chinese Warren Buffet who’s accused of defrauding victims through a Ponzi scheme. Const. Tony Vella says it’s believed 51-year-old Weizhen Tang is in Hong Kong and adds Toronto police are working with authorities there to bring him back to this country to face a fraud charge. Vella says arrangements had been made to bring the suspect back to Canada in November but he did not return and police believe he is trying to raise money for his defence in Hong Kong. It’s alleged that between January 2006 and March 2009 more than 100 victims were defrauded of approximately $30 million through an online trading Ponzi scheme. Authorities says victims were scammed in the United States, across Canada and in China, including one resident in the Greater Toronto Area who allegedly lost $2.4 million. Vella says a number of people walked into a Toronto police division in April 2009 claiming they were defrauded and an investigation was launched.


IROC shakes up its board

An oilfield services company with headquarters in Red Deer has shaken up its board.

Iroc Energy Services Corp. (TSXV:ISC) has announced the appointment of Brad Fedora to its board of directors. Fedora is the CEO and a director of Canyon Services Group Inc. Meanwhile, the company also disclosed that Jamie Biluk and Grant Fagerheim were resigning from the board, effective Wednesday. Increased time commitments related to Biluk’s and Fagerheim’s other business ventures was cited as the reason for their departures.

Iroc provides a range of products, services and equipment to the oil and gas industry, including well-servicing and equipment, downhole temperature and pressure monitoring tools, and rental services.