The Nova Scotia Securities Commission has issued an alert to investors about a Toronto-based investment manager.
The commission says Weizhen Tang is not registered to sell securities in Nova Scotia.
READ MORE: Ponzi scheme orchestrator pleads guilty to dozens of fraud charges in Edmonton courtroom
It says the Ontario Securities Commission last month warned the public not to invest with Tang or any associated companies including, Weizhen Tang and Associates Inc., Oversea Chinese Fund Limited Partnership Business and Weizhen Tang Corp.
Nova Scotia authorities note that Tang was convicted of fraud in 2012 for running a $50-million Ponzi scheme that saw investors lose more than $24-million.
The securities commission says Tang has stated that he plans to launch a new investment fund offering returns of one per cent per week and intends to deal with investors outside of Ontario to get around that province’s April 2016 order permanently banning him from the industry.
WATCH: Toronto-based investment company under legal fire
Stephanie Atkinson, senior enforcement counsel for Nova Scotia’s commission, cautions investors to remember if something “seems to good to be true, it probably is.”