In the United States died financier accused of fraud

In the United States died founder of the investment fund Private Equity Management Group, Danny Pang , a suspect in the creation of the financial pyramid, and violation of the rules of financial reporting. Pang died in hospital shortly after admission. As the representative of the family of the deceased, the cause of death was heart disease, reports Reuters.

Pengu was formally charged in the case of the illegal transfer of large sums from the account of the company. As stated in the case materials, Pang with their employees and family members cashed 38 checks amounting to just under 10 thousand dollars each. Thus financier bypassed the requirement for mandatory reporting to regulators.

In addition, the Securities and Exchange Pang accused of deceiving investors. According to the Commission, Pang used the Ponzi scheme (in other words, created a pyramid scheme), while he claimed that the money paid to depositors from profits from investments in the insurance business.

At the time of the investigation Pang was released on bail of $ 1 million.

As reports Bloomberg, among the investors in the company Pang were eight financial institutions and 35 wealthy retail depositors. Total investment is estimated at 823 million dollars.

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