Danny Pang To SEC: I'm Not The Next Bernard Madoff

Law360, New York (May 6, 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 shot back at the U.S. Securities and Exchange Commission that it based allegations of fraud solely on the testimony of an “inherently unreliable embezzler” and launched the case for political reasons.

In a strongly worded motion filed Tuesday in the U.S. District Court for the Central District of California, Pang criticized the regulator for failing to notify him before seizing his assets and launching an ex parte...
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