A federal judge agreed to freeze the assets of a man accused of running a multimillion-dollar Ponzi scheme and fraud targeting Chinese-Americans, primarily near Dallas.

The Securities and Exchange Commission charged Weizhen Tang, who describes himself as the Chinese Warren Buffett, and a Canadian-based hedge fund that he controls.

The agency accused Mr. Tang of raising $50 million to $75 million for the Oversea Chinese Fund LP from more than 200 investors and of operating a Ponzi scheme with the hedge fund since at least 2006.

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