Danny Pang has died. Danny Pang was the founder of Private Equity Management Group Inc, (PEMGroup) which is under investigation for alleged cheating. Someone in the Pang home at Newport Beach, Ca, called 911 for help. Pang was sent to hospital. Pang later died in hospital. Pang’s cause of death is unknown.

Danny Pang was arrested and charged for hiding cash withdrawals by taking out 50 sums under $10,000. US law states it is mandatory to report all cash withdrawals of $10,000 or more than that figure. In this case, Pang pleaded not guilty on July27.

Pang was freed on a $1 million bail for this second case. Pang was supposed to go on trial in August 2010.

The first case against Pang involves $823 million made by 35 investors. PEMGroup’s underlying assets are only $193 – 360 million.

Danny Pang’s wife, Janie Louse Pang, was killed by gunshot in 1997. Janie Louse Pang was 33 when she was fatally shot in her home. Hugh “Randy” McDonald was arrested and charged with killing Janie Louiise Pang but the jury was unconvinced. The jury failed to reach a verdict. The prosecutors did not insist to retry McDonald for the same crime.

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This entry was posted on Saturday, September 12th, 2009 at 9:10 pm and is filed under Gossip.