Financier Danny Pang Dies At 42

Danny Pang was accussed of massive financial fraud.

According to CNBC the cause of the death of Danny Pang is unknown. "The Orange County coroner's office says the 42-year-old Pang died Saturday at a hospital, one day after after being taken from his Newport Beach home by paramedics."

OCRegister reports that "Pang’s lawyers and federal prosecutors have agreed to postpone the trial from September to August 18, 2010, Joseph McNally, an assistant U.S. attorney, said today. McNally said it’s not unusual to delay federal proceedings and it came up in “the normal course” of preparing the case."

SEC freezed Danny Pang's assets on April 27th of 2009. The SEC alleges that Pang and his Irvine, Calif.-based firms Private Equity Management Group, Inc. and Private Equity Management Group LLC (the PEM Group) misled investors by falsely claiming that their returns would come from proceeds made on the timeshare or insurance policies investments. Instead, some of the purported returns were paid out of funds raised from newer investors. Furthermore, in at least one instance, the PEM Group presented investors with a forged $108 million insurance policy to support a false claim that a particular investment was entirely covered by insurance.

Pang was free on bail.

Written by Armen Hareyan