Former PEMGroup Head Pang Faces Criminal Charges

Law360, New York (July 23, 2009, 10:17 PM EDT) -- A federal grand jury has indicted Danny Pang, the founder and former head of Private Equity Management Group Inc., on two counts of illegally structuring cash payments from domestic banks in order to avoid currency reporting requirements.

The grand jury filed the indictment Wednesday in the U.S. District Court for the Central District of California.

Federal prosecutors arrested Pang on April 28 after filing a criminal complaint against him.

Pang made withdrawals from East West Bank ranging from $5,000 and $9,900 on 50 occasions, many on...
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