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)
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)
References
Fast Facts
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Birthplace
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Head of Private Equity Management Group Inc.
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Based in Irvine, CA
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Arrested in April 2009
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Free on $1 million bail
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Ponzi scheme alleged
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Allegedly spent millions on luxury perks
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Allegedly withdrew $360,000 from a company account in small, unreported increments
