Born a gamblin’ Pang
Now we get to the nitty gritty of Danny Pang‘s Ponzi scheme, mixed in with other shenanigans that could cause honest people to question what they believe. CLICK HERE if you missed the beginning of this mini portrait of a 2009 cheat who has put people in need of instant payday loans and credit repair…
- Early 2000s: Pang founds Private Equity Management Group. Among the organization’s accomplishments is “a fund that would buy life-insurance policies from elderly people and collect when they died,” according to the Wall Street Journal. He gains a reputation at this time as “a gambler”
- 2006: Pang uses money intended for a time-share fund to buy a Gulfstream IV jet for Private Equity
- July 12, 2007: Takes women from the office to Las Vegas on said jet. On the return flight, he opens a briefcase with $10,000 in casino winnings. He throws the money around at women on the plane and makes sure to photograph the display
- 2007: Pang’s life insurance isn’t showing enough profit because “everybody lived a long time,” so he starts a Ponzi scheme. According to one of his employees, Pang said “Nasar, I want you to know we are in a Ponzi scheme.” Reportedly, he added that he’d “fix the problem by doing well on another investment”
- 2009: Pang’s lawyer drafts an agreement promising to pay Nasar $500,000 if he tells The Wall Street Journal that the statement regarding the Ponzi scheme were false. By way of explanation, Pang supposedly made the statements because stress “affected his judgment and mental well-being.” In related events, Private Equity Management Group’s company Web site ceases to function
Danny Pang should have to answer for his Ponzi scheme, once the SEC gets around to it.
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Wednesday, April 15th, 2009 by Steven Tarlow
There’s an old adage that behind every great fortune is a great crime. I think there’s more than a modicum of truth to it. Granted, it doesn’t mean every rich person is inherently guilty of some crime, but it seems more of them are than not. The love of money is the root of all evil, it really is.
This man was the perfect person for the job. I mean, the guy already had a corrupted soul. The problem with people like Danny is that they never know when enough is enough. They get away with one thing and figure they could get away with something else. The schemes get bigger each time as well as their wickedness and greed. Keep in mind that everything hidden in the dark will eventually come out to the light. Thanks to Mr. Pang for setting such a fine example.