Danny Pang Took $83 Million From His Firm


Danny Pang — the California-based private-equity executive on whom we bestowed the title of Most Insane Alleged Fraud of 2009 after the SEC accused him of running a Ponz-like scheme back in April — extracted at least $83 million in allegedly inflated fees, loans, and salary from his investment firm before it was seized by regulators, according to Robert Mosier, the receiver checking out his firm.

Mr. Mosier also tracked what happened to the cash, finding that most of it went to Mr. Pang personally, but $1.7 million was paid to a man alleged to be Mr. Pang's bookie, $1.8 million to Mr. Pang's wife, and hundreds of thousands of dollars to other relatives.

Also, as we know, he made it rain on some Rubenesque office assistants. The Journal doesn't bring up that whole he-may-have-had-his-wife-murdered thing again, but we're sure he didn't anyway, because he seems like a pretty nice guy, he was an awesome boss, and as you can see, on the way out of court, he even offered a passing paparazzi photographer a fist-bump!

Pang Took $83 Million From Firm, Filings Say [WSJ]