High-Flying CEO Danny Pang Dies Suddenly

Big-spending CEO Daniel "Danny" Pang dies amidst accusations of massive fraud

By Jackson West
|  Monday, Sep 14, 2009  |  Updated 2:56 PM PDT
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High-Flying CEO Danny Pang Dies Suddenly

AP

Pang managed to funnel millions to friends and family even as his company was put into receivership say investigators.

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The CEO of Irvine-based Private Equity Management Group, Daniel Pang, died last week after being rushed to a hospital in Newport Beach.

Pang, only 42, stood accused of defrauding primarily Taiwanese investors who put $823 million into Pang's company and could stand to lose most of it.

The Securities and Exchange Commission said the company resembled a Ponzi scheme, with early investors paid returns from money put in by later investors.

Pang lived lavishly, and as much as $83 million of investor's money was funneled into everything from $38.5 million for private jets to $1.8 million for a bookmaker.

The coroner ruled out foul play after an autopsy Sunday, and is awaiting toxicology tests before determining a cause of death.

Police removed bags of evidence from Pang's home in a gated Orange County community, according to a neighbor.

Pang also faced suspicion of hiring a former lawyer to kill his first wife, former exotic dancer Janie Louise Pang, but prosecutors dropped a murder case against the alleged hit man after a mistrial.

Jackson West points out that everything is more colorful in California, even our alleged fraudster financiers.

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