Pang in 1997
California-based financier Danny Pang has been arrested by the FBI on charges of structuring cash transactions so he wouldn’t have to report them to federal regulators. The Los Angeles U.S. attorney’s office says the founder and former chief executive officer of Private Equity Management Group was arrested Tuesday afternoon. A criminal complaint filed in U.S. District Court in Santa Ana alleges that, starting in June 2007, Pang used PEMGroup staff to cash checks for less than $10,000 to avoid filing currency transaction reports require. On Monday a judge froze the assets of the Newport Beach resident. Calls by The Associated Press seeking comment from the company and Pang’s attorney were not immediately returned.
Prosecutors’ press release says …
Danny Pang, 42, who resides in the Dover Shores community in Newport Beach, Calif., was arrested by special agents with the FBI. Pang was arrested after federal prosecutors filed a criminal complaint in U.S. District Court in Santa Ana that charged Pang with structuring cash transactions. Pang, who is a founder and former chief executive officer of the Irvine-based PEMGroup, is expected to make his initial court appearance on the criminal charges tomorrow afternoon.
Federal prosecutors in Los Angeles filed this affidavit in support of the criminal complaint filed against Pang. In the affidavit FBI agent Thomas Reitz alleges that he saw as “a pattern of structuring” involving 38 check cashings tied to Pang with an average value of $9,597. He says:
“Based on my training and experience investigating white collar crime for thirteen years, I know that individuals that structure transactions with the intent to evade reporting requirements commonly: (1) engage in transactions between $9,000 and $9,900, (2) engage in multiple transactions between $9,000 and $9,900 in a single day or over a period of several days, and (3) use “runners” to engage in currency transactions on their behalf.”
Prosecutors note that “The crime of structuring cash transactions carries a statutory maximum penalty of 10 years in federal prison.”
Read the full story here.
Previously reported …
- Federal officials freeze assets of Irvine financier
- WSJ: Pang Case Could Have ‘Major Impact’ in Taiwan, Regulator Says
- Killing of Pang’s wife shook up quiet neighborhood
- Pang’s accuser says SEC contacted him
- Lawsuit: Pang ran Ponzi scheme
- Pang steps down as PEMG chief after allegations of misconduct
amazing, I only wish I was dealing in so much money to have to even think of such a process. I just get stuck paying taxes and supporting the welfare and illegals. Sucks to be me.
Actually the illegals supporting you !! they pay taxes and get nothing at end of the year.
tiny classified ads
GooD,Eat the Rich!
THAT IS A CRIME? CAN YOU PLEASE CASH MY CHECK FOR $9,999.99 THANKS I’LL SEE YA TOMORROW AND THE NEXT DAY AND THE DAY AFTER. LOL
XOXOXO,
MIKE CARONA
Good One! See you at the mexican border. Bring the money and a couple of face masks.
Love Debbie
After Carona, everybody else is an angel
About time they caught up with that crook. The more they dig up the more they will find on him. He is a liar and a con-artist. He belongs in prison away from everyone. I wonder how he got away with not serving military time in Taiwan as he was wanted in Taiwan before for military service. Hospital records in Irvine and Hunntington Beach will show his past records as well for attempted suicide. Police records will also show his domestic violence records.