We don’t need another Ponzi
Bernard Madoff. Sir Allen Stanford. Now Danny Pang.
The Ponzi scheme has ripped its share of the headlines in recent months. Considering the current state of America’s economy, the timing is most unfortunate. Investors large and small are being taken advantage of by unscrupulous men like these, and some of them have little to fall back on. We should all keep in mind that when we’re promised large cash advance loans with nothing but a cash outlay involved, our Ponzimonium senses should be tingling.
If it isn’t tingling, perhaps you’re fine with needing debt relief.
Story of the Pang
Jessica Pressler writes for New York Magazine that Pang has dibs on the first big Ponzi scheme of 2009. As a way of boiling down the essentials of the story, Pressler includes some essentials. For your reading enjoyment, here goes nothing. Be forewarned that this story gets ugly:
- 1988 to 1989: Elected chairman of the Asian Pacific Student & Staff Association at the University of Irvine, California. Records show he was only a student there for a single summer term and never received a degree. Apparently anyone can walk on campus and become president…
- 1993: Pang’s wife calls police after he reportedly threatened to kill her. Allegedly Pang broke her nose, stole money from his in-laws, and force his wife to withdraw $70,000, which he spent on “gambling, women, alcohol, etc.” in one evening
- Early nineties to 1997: Pang becomes partner at Sky Capital Partners. President and CEO Michael Hsu says Pang “stole $3 million by faking a signature.” When confronted, Pang is said to have explained that he “needed the money”
- May 1997: A private detective hired by Pang’s wife obtains evidence of possible infidelity. A bizarre confrontation eventually occurred, in which “an elegantly dressed man carrying a briefcase and a gun” kills Pang’s wife
- 2001: Pang is sued over control of $750,000 from expired wife’s life insurance
If all of this weren’t enough, a Ponzi scheme is coming. KEEP READING for the climax of the Danny Pang story.
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Orange County historically, has always attracted, an infinite number of financial dumbiciles(sic)where the depth of one’s ego , and greed is overpowering to most people with normal life tendencies…..Ripoffs are pandemic during periods of ez loan policies by Banking Institution, as well as empty pockets, arrogant people, who live specifically seeking out foolish ‘investors’…People who live for this purpose, inevitably are doomed to a life of frustration, as well as incarceration, or simply an eary demise to their own lives…
A creep? Ha, that’s an understatement. This guy sounds like a straight-up lunatic. He has major psychological issues that need to be dealt with immediately. Then again, I guess he’ll be getting a lot of that behind bars.
Oh man, the OJ of business. What a creep. It’s become obvious how pathetic the worship of money has become in the world – it’s obviously out of hand. Granted, there are worse things, but come on – they gave this guy a university spot without having a degree? What a joke.