Toronto Police have released the photo of a man who claimed to be the Chinese Warren Buffet -- and who they allege is responsible for a $30-million Ponzi scheme.

In a news release issued Wednesday, police allege that 51-year-old Weizhen Tang of Toronto had engaged in online trading between January 2006 and March 2009.

Police allege that more than 100 people have lost money because of the suspect. They have located victims across Canada, the United States and in China.

Police have a warrant for the arrest of Tang, who is described as 5'2", 130 lbs. with short black hair and glasses. He is facing a charge of fraud over $5,000.

The Ontario Securities Commission charged against Tang with 12 counts of breaking the Securities Act in relation to his Oversea Chinese Fund Limited Partnership. That matter is to go to trial in provincial court on April 19. On March 17, 2009, the OSC ordered Tang not trade in any securities.

The OSC issued a news release Wednesday warning that Tang or companies associated with him may be soliciting Ontarians for investment purposes.

The U.S. Securities and Exchange Commission is also pursuing Tang through the courts.

No allegations against Tang have been proven in a court of law.

In response to an email from the Business News Network, Tang wrote: "I am in China and working and I have full support from my investors. As you know, I have nothing to do with fraud. As I told everybody, it is business and investing, not fraud."

Loftus Cuddy, Tang's lawyer in Toronto, said his client contacted him by text message on Wednesday asking for legal advice after police announced the warrant.

"Mr. Tang is overseas, I don't know where. Hong Kong is a logical guess," said Cuddy. "I know that he is over there trading because he wants to make money to return to investors who lost money."

Tang had been scheduled to return on Dec. 29, but is doing well in online trading and wanted a one-month extension, he said, adding there is no prohibition on Tang trading stocks overseas.

Cuddy said his client didn't flee, as there was no order preventing Tang from leaving Canada. Tang intends to return to Canada for the securities charges and will be defending himself against the allegation that any losses resulted from fraud, he said.

With files from The Canadian Press