Like the rest of the Amazing Fraudsters of 2009 — whose stolen money has provided insulation, perversely, from the harsh realities of jail, at least for a time — California financier Danny Pang, who was arrested on felony charges by the FBI yesterday, has been released to his home after paying a million dollars in bail. Pang's Newport Beach place is not as nice as Bernie Madoff's, however. The FBI affidavit describes it thus:
"The Subject Premises located at 2681 Crestview Drive, Newport Beach, California, is a two-story, gray stucco home with a covered balcony above the front door. There is a glass front door that faces South and has brown trim around it. There are white curtains on the balcony. The number 2681 is painted on the curb in front of the home. There is a small black iron gate in front of the home."
This actually strikes us as kind of totally weird. What's a high-flying private-equity dude doing living in the same kind of house as our Italian grandma?