California financier Danny Pang has been charged by the Securities and Exchange Commission with allegations that he defrauded investors of hundreds of millions of dollars. Although Pang apparently is in China (on a religious pilgrimage) the SEC has a temporary order freezing his assets along with the assets of his companies Private Equity Management Group, Inc. and Private Equity Management Group LLC.
Apparently Pang raised much of the money in Taiwan in part by lying about his past acheivements at Morgan Stanley and his earning an advanced degree at UC, Irvine.
A receiver has been appointed – hopefully he will be able to protect what assets he can easily find and recover other assets through clawback lawsuits or agreements with various people and companies.