Accused Ponzi Schemer Pang Asks To Toss SEC Suit

Law360, New York (July 7, 2009, 12:00 AM EDT) -- Former Private Equity Management Group Inc. head Danny Pang, who stands accused of engineering a multimillion-dollar Ponzi scheme, has asked a federal court to dismiss the U.S. Securities and Exchange Commission's case against him, following a ruling that approved a preliminary injunction freezing the businessman's assets.

Pang filed a motion to dismiss on Monday in the U.S. District Court for the Central District of California, claiming the SEC had failed to plead fraud with particularity and lacked subject matter jurisdiction for the suit.

“Mr. Pang cannot...
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