2009年4月1日（本周三），安省证监会（OSC）决定将禁止唐炜臻及其各公司进行证券交易的临时禁令期限延长至2009年9月10日。证监会还决定将听证会延期至2009年9月9日举行。
On Wednesday, the OSC extended the temporary order that ceases all securities trading of Weizhen Tang and his companies till September 10, and adjourned the hearing in the matter to September 9, 2009.
4月1日，唐炜臻的代表律师Hugh Lissaman在证监会举行的会后表示：“我们会与安省证监会全力配合。调查仍在进行之中，目前证监会只是在文件中提出了一些指控。”
“It is our intention to co-operate with the OSC. There is an investigation pending, and so far there are only allegations put forward in a document.” Hugh Lissaman, the lawyer representing Tang told reporters after the hearing.
自2008年6月起，《大中报》陆续刊登了一系列报导提醒华人社区的投资者警惕各种包括杀熟骗局及马多夫的庞氏骗局等金融欺诈陷阱，这类投资骗局都是用后来投资者投入的钱，而不是投资盈利去支付早期投资者的钱。
Since June 2008, Chinese News has published a series of articles alerting Chinese community investors about various fraud schemes ranging from affinity fraud to Madoff’s Ponzi scheme, where the monies paid out to investors come from later investors, rather than business profits.
安大略省证监会在一份文件中称，唐炜臻共从投资者处集资约6500万美元，其中大部分投资都已经化为乌有。
The OSC alleged in a document filed in court that Mr. Tang raised about $65million (all amounts in USD) from the investors and most of the money is gone.
一位知情人表示，唐的中国海外投资公司账户有很多漏洞，会计师要花很长时间才能理清。
An insider revealed that there are many flaws in the records of Oversea Chinese fund account, and it will take an auditor a long time to straight things out.
据该知情者透露，实际上，唐炜臻集资约6200万美元，其中大约有1300万美元被用于支付各种管理费用，筹集费用、营销、交易费、高层管理人员薪资, 支付佣金，以及常规服务成本等，大约1400万美元在唐炜臻的投资交易中损失。
According to the insider, Tang, in fact, raised $62 million instead. About $10 million was spent on various administrative costs, financing, marketing, production of operations, salaries of senior executives, commissions, as well as costs of general services, etc., about $15 million was lost on trading by Tang.
根据证监会上星期公布的文件，有3500万美元被用于支付投资者。而这笔支出包括他们的投资成本和回报。这名内部人士表示，一些早期投资者，尤其是那些因为介绍新投资者入伙而收到佣金的投资者，可能在较早期已经认识到唐炜臻的投资亏损，从而游说更多资金以收回他们全部投资成本，同时获得唐所鼓吹的投资高回报。
The $35 million paid out to investors may include their investment principals and returns, according to the insider, who alleged that some earlier investors, particularly those who made commissions by soliciting new investors, might have recognized Tang’s investment losses at an earlier stage, which prompted them to solicit funds in order to withdraw their entire investment principals and gain the high rate of returns claimed by Tang.
以上所有指控尚未被法庭确认。
All the allegations above have not bee proven in court.
唐炜臻以及一起被指控卷入庞氏骗局中所有投资者的命运将会如何呢？
What will happen to Tang and all investors of an alleged Ponzi scheme?
唐的律师Lissaman表示：“目前，证监会对我的委托人的调查仍在进行中，迄今为止他尚未被正式指控，我无法对证监会是否会对其提起刑事诉讼发表评论。”
“So far, there have been no formal charges laid against my client I cannot comment on whether the OSC will pursue the case through a criminal proceeding,” said Lissaman.
加拿大著名律师事务所Fasken Martineau DuMoulin LLP的资深证券律师David Hausman表示, 一般来说，是通过停止一切交易行为的行政听证程序处理，还是根据刑法提出可能会导致罚款和监禁的刑事诉讼，证监会要根据案件所造成的损失程度以及是否有足够证据提出刑事指控，安省证监会有权决定是采取行政还是刑事手段来指控当事人。
In general, depending on the degree of harm and whether the evidence is strong enough to bring a criminal proceeding, either through an administrative proceeding where the OSC may stop trading activities, or in the criminal jurisdiction where it may impose fines and jail terms as legal remedies, the OSC has the choice of how to pursue an alleged Ponzi scheme，according to David Hausman, an experienced securities lawyer with Fasken Martineau DuMoulin LLP.
行政听证程序完全由证监会进行，而一旦证监会向安省法庭提出刑事诉讼，安省证监会、警方和皇家骑警也许将介入调查。
The administrative proceedings of the OSC are completely before the Commission, as opposed to a criminal proceeding before the provincial court, where the OSC, the police and the RCMP may be involved.
证监会同时将冻结唐及其公司帐户的命令延长至9月10日。
The OSC also extended the order to Sept. 10 which freezes bank accounts belonging to Weizhen Tang and his companies.
Hausman律师表示，无论安省证监会将会采取何种行动，看来证监会都已经搜集到足够的证据以冻结唐炜臻剩余的资产和资金，以免给投资者带来进一步的损失。
Regardless of how the OSC will ultimately proceed, it seems to have collected enough evidence to ensure, as the first step, that the remaining assets and money is frozen and that no further harm will occur, according to Hausman.
当投资者的一笔很大的资金落入投资陷阱中后，从心理上来说，让他们立即放弃梦想是不可能的，一些投资者仍然坚信唐炜臻的投资方案能够成功，唐还可以通过实施该方案和继续进行证券交易为他们挽回损失。
When investors committed such a significant amount of the assets to an investment scheme, psychologically, it is impossible for them to abandon their dreams immediately. Some investors strongly believe that Tang’s investment scheme works and that he is able to recover their losses by implementing the scheme and continuing trading securities.
Hausman表示：“据我在安省证监会多年的工作经验，在这种情形下，投资者通常分为三组。一些人已经退出投资计划，一些人意识到投资计划的欺诈嫌疑，其余一部分人则继续相信投资计划。”
“In my many years of experience working with the OSC, under such circumstances, investors are normally separated into three groups. Some have exited the scheme, while some suspect the type of the fraud taking their head out of sand and the rest intend to keep believing in the investment schemes,” said Hausman。
Hausman说：“通常情况下，投资损失并没有获得任何补偿的投资者是最大的受害者，尤其是当公司帐户上已经没有钱的时候。”
“In general, the investors who have not recovered any of their losses are the most vulnerable ones, particularly when there is no money left in the account,” said Hausman.
多伦多查账公司- Rosen & Associates Limited.的Alan Mak介绍说：“如果受害人只是简单被骗入投资陷阱的投资者而并不了解这是一起庞氏骗局，他们很可能会被平等对待。一名代表受害者的会计师在调查投资者的损失时候，会将这些投资者会视为同一组成员。”
“If they were all simply investors who were “tricked” without realizing it was a Ponzi scheme, then they are likely going to be treated equally. When a litigation accountant is asked to quantify damages for the investors, they would be in the same group,” said Alan Mak, a forensic accountant of Rosen & Associates Limited.
但是，那些意识到拿到的钱是出于庞氏骗局的早期投资者，以及其他为该骗局推波助澜的个人或机构，有可能作为第三方面临民事索赔。
However，the assets of a third party -- some early investors who were aware that the money they had received was taken as part of a fraud scheme, as well as other individuals or institutions that facilitated the scheme -- might potentially be subject to the receivership.
Hausman表示，在受害者提出民事索赔时，他们可要求第三方对他们的投资损失负责。为投资者追讨金融损失的民事索赔程序可利用安省证监会通过调查获得的帐目和文件记录。这样可以大量节省原告的案件调查和诉讼费用。
The third parties may be identified as being accountable for the financial losses by the investors’ civil claims, and the books and records obtained through the OSC investigation may generally be used in these claims to save the investigation and litigation costs, according to Hausman.
Mak表示：“如果早期投资者明知那是一场庞氏骗局，但是为了收回他们的投资却还是积极地游说其他投资者进行投资，他们也可能会被进行调查和面临参与金融欺诈的指控。”
“If the early investors knew that it was a Ponzi scheme, and actively solicited funds from the later investors in order to recover their own funds, then they might also be subject to investigation and charges and fall within the scope of the fraud ring,” said Mak.
Hausman表示，在完成全部聆讯后或作为部分和解条约，安省证监会有权要求被告支付调查费用。但是如果该做法会妨碍投资者追讨损失，证监会也可以不要求作为法人实体的被告方承担相关费用。
The OSC has jurisdiction to require a respondent to pay the investigation costs following a complete hearing on the merits or as part of a settlement, and it could elect not to pursue its investigation costs against a corporate entity if that would jeopardize the recovery for investors, according to Hausman.
证监会不能向受害者收取任何费用.
The OSC only has no jurisdiction to impose a cost award on victims, said Hausman.
Hausman表示，代表受害者的律师将调查案件的事实和详情，为受害者寻找减少其损失的途径，并确定有无第三方该对受害者的损失负责。
Legal counsels representing investors will look into the facts and circumstances of the case, exploring avenues to recover the financial losses and identifying whether a third party might be accountable for their losses, according to Hausman. 加拿大华人网 http://www.sinoca.com/
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