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Pang It, Another Ponzi Scheme!

April 28th, 2009 | 0 comments | Posted by Diana
Danny Pang (at his home in 1997)
–the photo was so classic, we couldn’t resist

Remember when we said that stealing from your people is a crime beyond shame? We didn’t think that we’d be using our next breath to chastise one of our own peeps, financial manager Danny Pang of Irvine, CA, for allegedly defrauding investors–many from Taiwan and Orange County’s Yellow Belt–out of hundreds of millions of dollars using a life insurance ponzi scheme.

Look, we’re not even talking about the fact that Pang’s former business partner is suing for $50 million and adding loudly to the Ponzi scheme accusations. We don’t feel the need to mention that he apparently lied to investors about his C.V., saying he possessed degrees that didn’t exist. We’ll ignore the highly irrelevant fact that the 1997 murder of Pang’s ex-stripper wife remains unresolved, and that he has been portrayed in court “as a shady businessman and high-stakes gambler [with evidence of] …ties to Taiwanese mobsters.”

Because even though the S.E.C. has temporarily frozen assets managed by Pang, and officially accused him of Fraud, he may very well turn out to be innocent.

That said: if he doesn’t turn out to be innocent, boy, will we be tearing him a new one.

[SEC Complaint vs. Danny Pang's Private Equity Management Group]
[WSJ: SEC Charges Pang With Fraud (membership req.)]
[LAT: SEC Sues Irvine financier Danny Pang]

Thanks, Dave!

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