Bad things come to those who defraud people out of their money. Danny Pang and his firm Private Equity Management Group, are accused of defrauding investors out of hundreds of millions of dollars.
The owner of a property in Newport Beach on Newport Bay is up for action and the owner Danny Pang and his wife are linked to a scandal. The property is Joe's Crab Shack site it was assessed at 12.9 million and there will be an auction on Dec. 9, 2009, for this property which is one of 12 properties linked to the late Danny Pang and his firm Private Equity Management Group, accused in a fraud scandal.
The sale of properties formerly owned by Pang or his firm is the latest development in the SEC action that alleged that the Irvine based investment manager of cheating investors out of $823 million. The SEC was able to freeze all of Pang's assets. The estate was turned over to a receiver who will try to turn the assets into cash.
He owned twelve parcels and they are located in: Newport Beach, San Clemente, the Inland Empire, Los Angeles, Phoenix, Las Vegas, and Florida which is about 1/2 of the properties seized by SEC.
The investments are not class A buildings and do not tend to follow an investment strategy. The properties include duplex in LA, a run-down motel in San Clemente. The others include offices, vacant hotel land, six condos and a house. The best of the lot is Joe's Crab Shack in Newport Beach.
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