Danny Pang, the California financier alleged to have to laundered millions of dollars, has died.
WSJ: California financier Danny Pang died early Saturday at a Newport Beach hospital, his spokesman said. Mr. Pang, 42, had been taken from his Newport Beach home Friday afternoon by paramedics. The cause of death wasn’t immediately available.
Federal regulators have accused Mr. Pang of masterminding a massive international securities fraud and misappropriating millions of dollars for himself. He has denied wrongdoing in that civil action.
Who was Danny Pang?
The Wall Street Journal introduced everyone to him earlier this year. Until the WSJ’s story ran, he was a big-time California financier. That career ended quickly.
The university where he said he got an MBA had never heard of him. Neither had Morgan Stanley, where he says he worked.
Soon after the WSJ story ran, the SEC filed fraud charges, accusing Pang of forging documents and running a Ponzi scheme. Pang’s spokesman said he had disappeared in China on a “religious pilgrimage.” Fortunately, a few days later, the FBI found that this too had been a ruse and arrested him. He has been confined to his house ever since.