Pang Performance Art Continues
In his ongoing effort to demonstrate to the investing community what will happen if you fail to follow his patented guide to what to not do if you don't want people to wonder if your business is a massive fraud, Danny Pang, founder of the PEMGroup has really taken one for the team. If you foolishly choose not to heed the word of his crash course, which dictates you should endeavor to, among other things, not steal $3 million from your former employer, not allow "tough-looking men" to drop by the office during business hours "all the time," not throw stacks of $10,000 at a bunch of girls from the office on the way back from a trip to Vegas (or at least don't take pics), not leave major funds in your investment firm unaudited, and not tell your partner "I want you to know we are in a Ponzi scheme," those in positions of "authority" may come a' calling.
In the civil inquiry, an attorney for a former president of Mr. Pang's firm -- Private Equity Management Group Inc. -- said he has been contacted by the Securities and Exchange Commission's Los Angeles office. The lawyer, Jeffrey Benice, said he will meet with the agency early next week. An SEC official declined to comment.
Federal criminal investigators are also looking at the firm, known as PEMGroup, a person familiar with that matter said Thursday.
