SEC Freezes Assets of Private Equity Group

DALLAS (CN) - California-based Private Equity Management Group took investors for "hundreds of millions of dollars" in fraudulent securities, and the company and its president, Danny Pang, swiped at least $17 million of it in "outright theft," the SEC claims in Federal Court. Private Equity is based in Irvine, Pang in Newport Beach.

The SEC secured an order freezing Pang's assets, appointing a receiver and demanding books and records.

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