High-Flying CEO Danny Pang Dies Suddenly | NBC Bay Area

High-Flying CEO Danny Pang Dies Suddenly

Big-spending CEO Daniel "Danny" Pang dies amidst accusations of massive fraud



    Pang managed to funnel millions to friends and family even as his company was put into receivership say investigators.

    The CEO of Irvine-based Private Equity Management Group, Daniel Pang, died last week after being rushed to a hospital in Newport Beach.

    Pang, only 42, stood accused of defrauding primarily Taiwanese investors who put $823 million into Pang's company and could stand to lose most of it.

    The Securities and Exchange Commission said the company resembled a Ponzi scheme, with early investors paid returns from money put in by later investors.

    Pang lived lavishly, and as much as $83 million of investor's money was funneled into everything from $38.5 million for private jets to $1.8 million for a bookmaker.

    The coroner ruled out foul play after an autopsy Sunday, and is awaiting toxicology tests before determining a cause of death.

    Police removed bags of evidence from Pang's home in a gated Orange County community, according to a neighbor.

    Pang also faced suspicion of hiring a former lawyer to kill his first wife, former exotic dancer Janie Louise Pang, but prosecutors dropped a murder case against the alleged hit man after a mistrial.

    Jackson West points out that everything is more colorful in California, even our alleged fraudster financiers.