not another shady asian money manager

Turns out, Danny Pang is Orange County's own version of Bernie Madoff... This week, Pang was accused of defrauding investors out of hundreds of millions of dollars, and arrested by the FBI on suspecion of evading currency reporting laws: O.C. money manager is arrested on suspicion of evading currency reporting laws.

Pang, the founder and former chief executive of the Private Equity Management Group companies, is accused of withdrawing about $360,000 from a company account through dozens of small transactions so he wouldn't have to report the sum to federal regulators.

The SEC also filed a lawsuit against Pang and PEMGroup, accusing him of bilking investors by falsely portraying returns as coming from investments in timeshare real estate and seniors' life insurance policies. The truth is, the whole damn thing was just another Ponzi scheme -- funds raised from newer investors were used to pay earlier ones.

A federal court has frozen his assets, and agents reportedly seized an undisclosed amount of gold bullion during a search of his home. Looks like it's the end of the line for you and your lies, Danny Pang. So... is anybody getting their money back? More here: Calif. financier Danny Pang arrested by FBI.

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