Another “success” story exposed… this time with an unsolved murder of a spouse to go with it.
Meet the Talented Danny Pang, courtesy of an exhaustive investigation by the Wall Street Journal:
Mr. Pang’s résumé depicts a glittering success story: a Taiwanese immigrant who earned an M.B.A., worked on Wall Street and now heads a $4 billion investment fund. He also became a partner in another fund firm with business luminaries such as Frank Carlucci, the former defence secretary and ex-Carlyle Group chairman, and former Lockheed Martin Chief Executive Norman Augustine.
But both Mr. Pang’s past and his business may not be quite as they appear. The university from which he says he has an M.B.A. and another degree says it has no record of either. Morgan Stanley, where Mr. Pang’s bio says he was a senior vice president and senior high-tech merger adviser, says it can find no record it ever employed him.
A former president of the firm Mr. Pang heads — Private Equity Management Group Inc. in Irvine, Calif. — says Mr. Pang told him in 2007 that part of the enterprise involved a Ponzi scheme. The executive also alleges that Mr. Pang improperly used some of investors’ cash for the firm’s benefit and once told him to deceive investors with a fake insurance policy.
And at a venture-capital firm where Mr. Pang worked earlier, the CEO says he fired Mr. Pang for stealing $3 million from an escrow account in June 1997…
[Pang’s firm] PEMGrou recently sought to get its ex-president to withdraw the allegations he had made. As part of an effort to settle a legal dispute, the firm asked him to tell the Journal that what he told it before was untrue. It also offered a $500,000 initial payment that would be triggered by evidence the Journal wasn’t doing an article. The ex-president refused the offer.
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And then there’s the unsolved murder of Pang’s wife in 1997, around the time he was accused of stealing $3 million from the VC firm:
Janie Louise Pang, who was 33, had worked on and off as a stripper. She had married at 16 and had two children before she married Mr. Pang.
That marriage evidently was stormy. The police were called to their home four times for domestic-disturbance complaints, including a 1993 incident in which Ms. Pang said she was afraid Mr. Pang “was going to kill her.”
She also told police her husband had drained value from her parents’ home and spent it on “gambling, women, alcohol, etc.” She said Mr. Pang once had broken her nose, forced her to withdraw $70,000 from the bank and gambled it away in one night.
[In May 1997], the doorbell rang at the Pangs’ home. According to court records, the family’s maid heard Ms. Pang, her 5-year-old at her side, answer the door and begin talking to the visitor, who asked if she was “Miss Pang.”
She then began screaming. The maid saw her run through the house, chased by an elegantly dressed man carrying a briefcase and holding a gun. As Ms. Pang cowered in a closet, he shot her dead…
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