The SEC charged Pang with structuring charges for his scheme to make many transactions just below federal reporting requirements to gain access to huge sums of money without telling the government. Apparently kept the cash at his house until he bought gold bars with it (really!). The SEC is also alleging that he ran a huge ponzi scheme.
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Danny Pang’s Charges
Thursday, February 25th, 2010Tags: madoff, ponzi scheme, protect investments, recession, securities fraud, stock fraud, stock loss, sue broker
Posted in Business Disputes, Consumer Protection, Scams and Schemes, Securities Related Issues | No Comments »
April 28, 2009 – another financier gets arrested…
Thursday, February 25th, 2010Danny Pang the fugitive financier was arrested today. When will they learn? After apparently returning to the U.S. from Taiwan last week he was nabbed in Santa Ana. US regulators accuse him of significant fraud; millions of dollars, perhaps billions of dollars the feds say was stolen from investors. Today the FBI arrested him at his lawyer’s office based on charges that he made many transactions less than $10,000 – totaling $360,000 – to avoid federal regulations to report such his transaction to federal regulators.
And these charges aren’t even related to the charges that may be leveled at his company Private Equity Management (PEM).
Developing…
Posted in Business Disputes, International, Scams and Schemes, Securities Related Issues | No Comments »