Archive for the 'UCI' Category
April 15th, 2009, 11:23 am by John Gittelsohn
 Pang in 1997 after wife's murder UPDATED with comments from Pang, UCI
Danny Pang, chairman of a $4 billion private equity fund in Irvine, is accused of running a Ponzi scheme and fabricating his degree from UC Irvine in a Wall Street Journal investigation published today.
Pang, whose wife’s 1997 murder at her Villa Park home remains an unsolved mystery, denied the allegations through a spokesman, Mike Sitrick, who said the Journal story relied on sources “with obvious axes to grind.”
“There was no Ponzi scheme,” the statement said.
Sitrick said he was still seeking records to prove Pang earned a diploma at UCI. But UCI spokeswoman Cathy Lawhon told the Register that Pang attended one class but never received a degree or enrolled full time and no one fitting his description by another name received a UCI degree.
“We checked as many ways as we possibly could,” she said.
Pang, a native of Taiwan and the chairman and CEO of Private Equity Management Group Inc. in Irvine, has been a business partner with former U.S. Defense Secretary Frank Carlucci and a donor to star-studded charity events, the Journal said. Here’s the nut of the Journal story …
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.
To read the full story, CLICK HERE. (subscription required)
To see Pang’s complete response to the story, CLICK HERE.
More Orange County business legal problem stories …
Posted in: Crime • Financial planning • Legal problems • O.C. business news • UCI • Wealth • Carlucci • Irvine • Pang • Sitrick • UC Irvine | 22 Comments »
September 4th, 2008, 10:54 am by John Gittelsohn
 (UPDATED: With comments from Robert Sprague)
Robert and Margaret Sprague of Corona del Mar will receive this year’s Orange County Spirit of Philanthropy Lifetime Achievement Award for their numerous contributions to Orange County charities, including more than $12 million to UC Irvine.
Robert Sprague, 92, is a former banker and real estate developer whose father. Margaret Sprague, 88, is a trustee of the Orange County Museum of Art, where the couple have been major benefactors.
“It’s great,” Robert Sprague said of the philanthropy award. “I worked hard. I was a very hard worker.”
Sprague says he still goes to an office where he manages his real estate investments.
“I’m not retired. I’m still busy,” he said.
Most of the Sprague’s UCI contributions have gone to health care programs, including $5 million for Sprague Hall, a center for studying genetic causes of cancer, and $2.1 million for a brain imaging center to support research into mental illness. Sprague said he supported health programs because of his father, Dr. Norman F. Sprague, was a physician who served as a University of California regent.
The award is sponsored by the Orange County chapter of the Association of Fundraising Professionals, which will honor the Spragues and others who have supported charitable causes at the 23rd annual National Philanthropy Day luncheon on Nov. 19 in Anaheim.
For more information, CLICK HERE.
Related stories …
Other Register blogs with UCI news …
Science Dude
College Life
Science Dude
Posted in: O.C. business news • UCI • Wealth | 2 Comments »
May 15th, 2008, 12:38 pm by John Gittelsohn
 The day after Henry Samueli stepped down as chairman of Broadcom Corp. to fight a federal lawsuit accusing him of accounting fraud, the company’s stock rose as much as 2.5 percent.
“Obviously, Samueli is culturally important as a founder and highly respected engineer,” said Tim Luke, an analyst who follows Broadcom for Lehman Bros. “But he’s one guy. The CEO is still there. He had been less operational. He’s more of a technical consultant.”
In addition to founding Broadcom, Samueli owns the Anaheim Ducks. Nothing has changed “at the moment” as far as his good standing with the National Hockey League, spokesman Frank Brown said.
“He’s very highly regarded as an owner who puts the best interests of the team and players in the forefront — not to mention the interests of fans,” Brown said of Samueli, who bought the Ducks in 2005, two years before it won the 2007 Stanley Cup.
Friends and acquaintances of Samueli and his wife, Susan, said the accounting fraud allegations they have seen seem out of character.
“I’m not totally up-to-speed on the specifics of the stock option case, but based upon the history of our relationship, I feel confident that Henry will be vindicated thru our legal process. He’s one of the good guys!!” said Paul Folino, executive chairman of Emulex Corp., who has worked with Samueli on fundraising campaigns for Chapman University, U.C. Irvine, the Orange County Performing Arts Center, the Orange County High School of the Arts, the Orangewood Children’s Foundation and the New Majority.
“I think Henry is an outstanding human being. He’s been very helpful to our Israeli training program for young CEOs…I think he’s a tremendous philanthropist in terms of Orange County. He cares about the whole community. Beyond that he has begun and he has built one of the most outstanding companies in the whole country and it’s based here, it’s centered right here. I think Orange County owes Henry Samueli a lot,” said Marshall Kaplan, Executive Director of the Merage Foundations.
“I’ve found him to be not just generous, but remarkably kind, gentle, insightful and a very wise person. I’m deeply saddened by what’s happened to Henry and Susan as a result of this,” said Mark Chapin Johnson, a former medical products company executive who now runs a family foundation that supports arts and academic projects. “It’s a tragedy of immense proportions.”
Johnson invited Samueli to join the board of the Orange County Performing Arts Center in 1999. He recalled how Samueli paid a $10 million pledge to help build a new concert hall, even though Samueli had resigned from the board in 2002 after other board members sued Broadcom for securities fraud.
“He’s not just generous to the community with his money,” Johnson said. “When you create and possess as much wealth as he has, to be able to deal with it with wisdom and maturity is a skill I don’t have and I don’t know many people who do have it.”
Johnson said Orange County’s philanthropic community is very forgiving “as long as people continue to write checks.” But he said there is a lot more to Samueli than his money: “Henry is the kind of guy who if he lost it all, I’d still have a cup of coffee with him, no matter what.”
Rabbi Marc Dworkin, executive director of the American Jewish Committee of Orange County, praised Samueli as community leaders “with vision and commitment through his generous involvement that has been a great asset and a pillar in the Jewish and the general community. His efforts have helped Orange County grow and develop for all of its residents.”
The Samuelis have donated more than $180 million after Broadcom went public in 1998, including:
- $30 million to the School of Engineering at UCLA and $20M to the School of Engineering at UC Irvine, both of whchic bear Henry Samueli’s name
- $25 million to the Samueli Jewish Campus in Irvine that houses a K-12 day school and the Jewish Community Center
- $10 million to the Orange County Performing Arts Center for their new concert hall and $10M to support Opera Pacific
- $6 million to create a Center for Integrative Medicine at UCI, which bears Susan Samueli’s name
- $5 million to the Orangewood Children’s Foundation for their new foster home project.
Related stories …
Poll: Is Samueli’s reputation hurt permanently?
Samueli, Henry Nicholas and 2 others named in SEC complaint
Billionaire’s aide jailed for contempt in Broadcom hearing
Broadcom to pay $12 million to settle SEC backdating charges
Posted in: Broadcom • Executive changes • Legal problems • UCI | 3 Comments »
May 15th, 2008, 10:00 am by Andrew Galvin
Henry Samueli, one of Orange County’s leading philanthropists, resigned yesterday as chairman of Broadcom Corp. after the Securities and Exchange Commission alleged he helped orchestrate a five-year scheme to secretly backdate employee stock options.
Samueli and his wife, Susan, have donated more than $180 million since Broadcom went public in 1998. Gifts include: $30 million to the School of Engineering at UCLA and $20 million to the School of Engineering at UCI, both of which bear Samueli’s name; $25 million to the Samueli Jewish Campus in Irvine; $10 million to the Orange County Performing Arts Center’s concert hall, $10 million to support Opera Pacific and $6 million to create a Center for Integrative Medicine at UCI, which bears Susan Samueli’s name.
Now that Samueli is facing allegations of violating the antifraud provisions of federal securities laws and falsifying books and records, we’d like to hear from you.
Does the SEC lawsuit hurt Samueli's reputation as an Orange County civic leader and philanthropist?
Posted in: Broadcom • Crime • UCI • polls • Samueli • SEC | 6 Comments »
February 28th, 2008, 2:43 pm by John Gittelsohn
The Forum for Corporate Directors of Orange County, an association that promotes education and training of corporate board members, honored six local directors at a dinner ceremony Wednesday at the Ritz-Carlton, Laguna Niguel:
Dr. Nicolaos G. Alexopoulos, dean of the Henry Samueli School of Engineering at UC Irvine, received the Chairman’s Award. Samueli, the chairman and chief technical officer of Broadcom Corp., presented the award in recognition of the link between the UCI and corporate growth. “The university is our life blood in providing talent,” Samueli said.
Bala Iyer received the award for Corporate Growth and Development as a veteran director of companies, such as Conexant Systems Inc., IHS Inc., Invitrogen Corp., Power Integrations Inc., QLogic Corp. and Skyworks Solutions Inc.
Jeanne Jackson, who has served on the boards of McDonald’s Corp., Nike Inc. and Nordstrom Inc., was recognized for Corporate Leadership and Service.
Glenn Schafer received the Enhancement of Economic Value Award. Schafer has been a director for Beckman Coulter Inc., Janus Capital Group Inc., Skilled Healthcare Group Inc. and Michigan State University Foundation.
Barbara Alexander received the award for corporate governance. She has served on the boards of Centex Corp., Harrah’s Entertainment Inc., Freddie Mac and Qualcomm Inc.
Luis Villalobos was recognized for his contribution to early stage companies. He has been on the board of Big Stage, YouMail Inc., Vigilistics Inc. and Tech Coast Angels. Villalobos cited Big Stage as a cautionary tale. The startup company, which helps people to easily create avatars for video games and other entertainment products, recently moved from Orange County to Pasadena.
Click here to learn more about the Forum for Corporate Directors.
Posted in: Investing • O.C. business news • OC Stocks • UCI • Wealth | Post a Comment »
February 2nd, 2008, 3:01 am by Mary Ann Milbourn
Aspiring board members, heirs to family-owned businesses and people who want training in corporate governance can now take a course at UCI so they can better serve as directors.
The course is being offered through a partnership between The Paul Merage School of Business and Orange County’s Forum for Corporate Directors.
Andy Policano, dean of of the Merage School, said the intensive program covers all aspects of what it takes to be a corporate director.
“This includes a broad array of training in basic board functions, including; board leadership; involvement in company strategy; financial responsibilities; ethics; compensation responsibilities; and regulatory issues and requirements,” Policano said.
UCI instructors and business executives through the Forum for Corporate Directors will teach the course, which will be offered in two two-day sessions for a total of 28 hours of education.
Classes will be held from 8:30 a.m. to 4:30 p.m. at the Merage School on the UC Irvine campus on April 24-25 and May 22-23. Students will also attend the annual Forum for Corporate Directors’ Governance Outlook event May 22, which will feature a presentation by a nationally-recognized speaker on emerging governance issues and trends for the coming year.
Cost of the program is $2,900.For more information or register for the program contact the Executive Education Department at Merage School at 949-824-4943; by email at ExecEd@merage.uci.edu, or online.
Posted in: O.C. business news • UCI | Post a Comment »
January 20th, 2008, 1:01 pm by John Gittelsohn
“Your Life, Your Wealth, Your Legacy,” a day-long conference on Jan. 26, will mark the public launch of the new Center for Investment and Wealth Management at UC Irvine’s Paul Merage School of Business.
The conference, to be held at the Center Club in Costa Mesa, will feature lectures and workshops on investing, philanthropy, asset preservation and passing wealth to the next generation. A.G. Edwards & Sons, Bank of New York, Merrill Lynch and IFF Advisors are among the wealth management firms with representatives at the seminar.
Business school Dean Andrew Policano said the conference is geared for people concerned about how to manage their wealth after retirement and prepare their estates for the next generation.
“No one will be selling a product. No one will pressure you to do anything with their materials,” Policano said. “By the end of the day, people will be scared to death about what they’re not thinking about.”
The Center for Investment and Wealth Management is among six new centers at the business school focusing on key industries driving Orange County’s economy, Policano said. The other centers specialize in real estate, health care, entrepreneurship and innovation, leadership and information technology.
The conference costs $395 a person and seating is limited. Learn more at www.merage.uci.edu/go/educationalseries or by calling 949-824-6042.
Posted in: UCI • Wealth | Post a Comment »
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