LOS ANGELES AP – Taiwanese immigrant financier Danny Pang, accused by federal regulators of defrauding investors out of hundreds of millions of dollars, was arrested Tuesday by the FBI on charges he withdrew about $360,000 from a company account through dozens of small transactions so he wouldn’t have to report the sum to federal regulators.
The U.S. attorney’s office said the founder and former chief executive of the Private Equity Management Group companies was arrested at his lawyer’s office in Santa Ana.
