Danny Pang Plied Ponzi Personnel With Trips

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Of course, they were all paid for with stolen money but who cares, the point is, among the more than $80 million "in questionable personal and business expenses financed by the firm's investors" was a recent $1 million Disney cruise for the whole staff and an firmwide trip to china.* Nice! According Robert Mosier, the court-appointed receiver in the PEMGroup Ponz case, Pang also tapped into investor funds for three planes ($35 million), a deposit on a fourth jet ($3.5 million), loans to himself ($6.9 million), loans to the PEMGroup ($16 million) and transfers to "Pang entities" ($9.8 million). In related news, Pang requested yesterday that his assets be unfrozen, arguing that the SEC acted "improperly," and was motivated by criticism of its failure to identify the Madoff scam, which is probably true, and also probably not going to get him off.
*In addition to the times he flew a bunch of girls from work to Vegas, and on the way back, "had a briefcase stuffed with cash and...started throwing money to the girls, in stacks of $10,000," as documented in the above photo.

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