SEC Charges Pang with Fraud and Orders Repatriation of Assets and Surrendering Passports

On April 27, 2009, the Securities and Exchange Commission obtained an emergency order freezing the assets of Danny Pang and his two Irvine, California-based firms Private Equity Management Group, Inc. and Private Equity Management Group LLC (the PEM Group) for allegedly defrauding investors of hundreds of millions of dollars by misrepresenting investments in the life insurance policies of senior citizens and in timeshare real estate...(more)