Danny Pang (financier), Date of Birth, Date of Death

Danny Pang (financier)

American financier

Date of Birth: 15-Dec-1966

Date of Death: 12-Sep-2009

Profession: businessperson

Zodiac Sign: Sagittarius

Danny Pang (Chinese: ???; pinyin: Péng Rìchéng), (December 15, 1966 – September 12, 2009) was an American businessman, financier, and fraudster.
He ran the Private Equity Management Group, Inc.
and Private Equity Management Group, LLC (PEMGroup) which claimed to manage $4 billion.
The funds were invested mainly on behalf of Taiwanese investors, in American securities, timeshare properties, and insurance policies.
He was arrested by the FBI on April 28, 2009, for structuring cash transactions to avoid a $10,000 reporting threshold, which has a maximum ten-year prison sentence.
The U.S.
Securities and Exchange Commission in a civil suit alleged that he ran a Ponzi scheme and misreported his background to investors, by claiming that he had been a vice-president at Morgan Stanley and had an MBA degree from the University of California at Irvine.
The SEC announced on April 27 that it had obtained a freeze on the assets of Pang and his two firms, as well as an order to turn in his passports.
His former partner, Nasar Aboubakare, has also claimed in a lawsuit that the firm was a Ponzi scheme. Pang was confined to his house on bail.
His criminal trial had been delayed until August 18, 2010.
He died on September 12, 2009, at a Newport Beach, California, hospital.Details about the Pang's fraudulent life were discussed in the TV series American Greed.
In particular, he was featured in the season 5 episode: "The Fraudster, The Ex-Stripper And The Missing Millions".