The Securities and Exchange Commission has charged China’s Weizhen Tang of running a multimillion-dollar Ponzi scheme and fraud targeting Chinese-Americans, The Wall Street Journal reports. A federal judge has frozen the defendants’ assets and appointed a receiver to marshal assets.

Tang was accused of raising $50-75 million for the Oversea Chinese Fund from over 200 investors and of operating a Ponzi scheme with the hedge fund since 2006. The complaint accused Tang of raising capital from U.S. investors by offering and selling limited partnership interests in WinWin Capital Partners since November 2007.

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