Danny Pang (彭日成), the Private Equity Management Group Inc financier who the US government claims defrauded Taiwanese investors, was paid US$83.1 million in fees and loans from 2004 to this year, court filings showed.
The payments uncovered by court receiver Robert Mosier, who is quantifying the assets of Pang and PEMGroup, amount to US$20.8 million more than Mosier previously reported, court documents said. The payments to Pang accelerated so that he was paid US$70.8 million of the total US$83.1 million from 2006 through last year, Mosier said in the filing.
The assets of Pang and PEMGroup, based in Irvine, California, were frozen in April by an emergency court order after the US Securities and Exchange Commission accused him of defrauding investors. Pang and his companies have raised hundreds of millions of dollars, primarily from investors in Taiwan, according to the SEC.
Mosier’s filing contains “salacious allegations,” Pang said in a legal response objecting to what he called “mischaracterizations and false impressions” in the report.
“The statement that a total of US$83.1 million was paid to Mr Pang is demonstrably false” and should be removed from the court record, Pang’s lawyer said in the filing. A “significant part of the amounts reportedly distributed to Mr Pang were actually paid to persons not affiliated with Mr Pang.”
Pang said US$19.6 million of the US$83.1 million total was sent to PEMGroup’s senior management. Pang said another US$4.2 million isn’t unaccounted for, the receiver’s records showed.
US District Judge Philip Gutierrez was scheduled to hold a hearing in Los Angeles yesterday to consider, among other things, Pang’s request to remove Mosier as receiver in the case.
Gutierrez issued the emergency order April 27, after the SEC accused Pang of lying to Taiwanese investors about his credentials, forging insurance documents and paying existing investors with funds raised from new ones, while claiming the returns came from investments in life insurance policies.
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