Danny Pang, Forever Inscrutable

September 21st, 2009 | 0 comments | Posted by Jen

Don’t call an Asian brotha inscrutable, unless his name is Danny Pang.

Pang, the OC financier who was often called “California’s Bernie Madoff” because of the multimillion dollar Ponzi scheme he allegedly pulled off through his Irvine-based Private Equity Management Group, died September 12 at the age of 42 from an apparent drug overdose. Newport Beach police, who were summoned to Pang’s home on September 11, where they found the accused fraudster unconscious, believe Pang’s death was a suicide. Pang faced civil charges for defrauding his investors out of millions and criminal charges for evading currency-reporting laws at the time of his death.

Pang’s entire adult life, it seems, was marked by shady stuff. Although he told investors that he held an undergraduate degree and an MBA from UC Irvine and was elected chairman of the Asian Pacific Student & Staff Association there, the school has no records of him attending except for a single summer term.

Then there was his marriage to Janie Louise Pang (pictured above), a former stripper, who called police to their home four times in the 90′s for domestic disturbance complaints, according to the WSJ. In May 1997, Ms. Pang wanted out of the marriage and hired a private investigation firm to spy on her husband. The day after the firm caught her husband holding hands with another woman, Ms. Pang was murdered in their home. This was the family maid’s eyewitness account of the killing, from court records:

…the family’s maid heard Ms. Pang, her 5-year-old at her side, answer the door and begin talking to the visitor, who asked if she was “Miss Pang.”

She then began screaming. The maid saw her run through the house, chased by an elegantly dressed man carrying a briefcase and holding a gun. As Ms. Pang cowered in a closet, he shot her dead.

Janie Louise Pang’s murder still remains unsolved.

As for his corrupt business dealings, Daily Intel published a detailed timeline chronicling them around the time of his arrest in April, calling Pang’s alleged fraud “the most insane…of 2009.” Which is saying something.

Following his death, Pang’s family issued a curious statement through a spokesman:

“Danny was a wonderful husband, loving father, and honest businessman. It is distressing that Danny had to endure such a mean-spirited assault on his character without ever having a chance to defend himself. We remain steadfast in our believe that Danny would have been vindicated if he had been given that opportunity.”

But wasn’t that what his trial, which had been recently delayed until next August, was for?

Like I said, inscrutable.

[NY Times: Danny Pang, Financier Under Investigation, Is Dead at 42]
[Daily Intel: And the Title for Most Insane Alleged Fraud of 2009 (So Far) Goes To...]
[WSJ: The Unsolved Murder of Janie Louise Pang]


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