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• Danny Pang is a California-based private-equity executive accused of a systematic fraud that whittled $823 million in investments down to as little as $213 million.Salon.com: Receiver says Pang misused investor money (May 10, 2009) A receiver appointed by the Securities and Exchange Commission reported in May 2009 that Pang had paid investors with money from new investors—thus perpetrating a Ponzi scheme—and spent investors' money on extravagances for himself and his staff, including a fleet of private jets and a luxury cruise.Salon.com: Receiver says Pang misused investor money (May 10, 2009)

• Fast Facts

  1. Birthplace: Taiwan
  2. Head of Private Equity Management Group Inc.
  3. Based in Irvine, CA
  4. Arrested in April 2009
  5. Free on $1 million bail
  6. Alleged to have begun scheme in 2003Wall Street Journal: Highflying Financier Danny Pang Faces Questions (April 15, 2009)
  7. Allegedly defrauded Taiwanese investors of up to $600 millionSalon.com: Receiver says Pang misused investor money (May 10, 2009)
  8. Ponzi scheme alleged
  9. Allegedly spent millions on luxury perks
  10. Allegedly withdrew $360,000 from a company account in small, unreported increments

• Janie Pang

  Pang's alleged fraud is not his first incident that has landed him in non-financial headlines. In 1997, his wife Janie Pang was shot dead in the couple's Orange County home. Hugh McDonald, a local attorney, was tried for the murder, but the case was dismissed because of a hung jury. Janie Pang was a former stripper.Los Angeles Times: SEC sues Irvine financier Danny Pang (April 28, 2009)

• Related Pages on Mahalo

  Ponzi Scheme | Taiwan | Bernard Madoff | Robert Allen Stanford

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