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Newport Beach financier Danny Pang dies at 42

Danny Pang

Newport Beach financier Danny Pang died early Saturday at a local hospital, according to the Orange County coroner’s office. The cause of death has not been determined and an autopsy is planned for Sunday, said Larry Esslinger, supervising deputy coroner.

Police officers were dispatched to Pang’s home in the 2600 block of Crestview Drive about 3:30 p.m. Friday on a “medical assistance call,” said Sgt. Doug Jones of the Newport Beach Police Department. 

Pang was pronounced dead at Hoag Memorial Hospital at 5:12 a.m. Saturday, Esslinger said.  He had no further details.

The 42-year-old Pang has been accused by the government of operating a Ponzi scheme and of taking at least $83 million in inflated fees, salary and loans from his investment firm before it was seized by federal regulators in April. He had denied wrongdoing.

[Updated, 3:40 p.m.: Esslinger said no further investigation is planned.

In a statement, Charles Sipkins, a spokesman for Pang, said, “Our entire family is shocked by Danny’s sudden and tragic passing. Danny was a wonderful husband, loving father, and an honest businessman.

“For the past five months, Danny was subjected to a relentless attack of innuendo and false allegations,” he added, “and was denied the opportunity to defend himself.”

Pang’s notoriety in the financial world began its steep descent earlier this year.

A federal criminal indictment in July accused Pang of structuring hundreds of thousands of dollars in cash transactions in 2007 to avoid scrutiny from the government. He had pleaded not guilty. Those charges were similar to allegations that federal prosecutors filed against Pang in April.

The indictment came as Pang faced a civil lawsuit from the Securities and Exchange Commission accusing him of stealing hundreds of thousands of dollars from investors -- primarily Taiwanese banks -- through his Irvine-based Private Equity Management Group.

Pang first made headlines in 1997 when his 33-year-old wife, a former stripper named Janie, was shot to death in the couple’s Villa Park home.

Pang denied involvement in his wife’s murder and was never charged. Pang’s attorney, Hugh “Randy” McDonald, was charged in the slaying.

Orange County prosecutors accused McDonald of killing Janie Pang, staging a fake suicide from the Golden Gate Bridge and then going into hiding. A jury was unable to reach a verdict, and prosecutors elected not to pursue a second trial.

Sipkins, in commenting on Pang’s protracted legal problems said: “It is distressing that Danny had to endure such a mean-spirited assault on his character and reputation, and the seizure of all this property without ever having been found liable of anything and without ever having a chance to defend himself." ]

-- Ruben Vives and Louis Sahagun

Photo: Associated Press

 
Comments () | Archives (14)

Look up the word "comeuppance" in any dictionary and tell me what you see?

Another thief takes his own life.

Taking the Ken Lay way out.

...then who killed Janie Pang?

Wow, surprising end to this whole sordid tale that seemed like a beach-read novel. Sure sounds like Pang offed himself.

Doubtful this is a natural death. Either murder or suicide. The OC investigators/prosecutors are so incompetent, it'll take months to find out.

It's nice to know that those homegrown conservative family values are alive and well in the OC. Reagan would be so proud.

methinks Pang put his lawyer up to the murder of his wife who was probably trying to get blackmail money out of her husband before she bailed.

"Pang!" Pang!" ... he's dead.

How do you know he did not "die" to your world, and go to "heaven", e.g. the Cook Islands ?

Just how do you know ?

Same for Lay, Rockefeller CEO etc ?

Enough of all the shenanigans, lets just get on with the "Robotic Wageless Economy" where we can all be made in the shade without hurting each other, the only system that can actually pull it off.

Interesting that "no further investigation is planned"
hmmmm

He was murdered!

An investigation needs to be conducted in connection with all the other suicide deaths in connection with other financiers who have suddenly and mysteriously passed recently

Look up Zetatalk dot com slash index slash zeta533 dot htm to see how this death was related to other sudden deaths related to Obama and Wall Street. There are good forces and we need them.


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