SANTA ANA, CALIF. - International financier Danny Pang seemed to represent the ultimate success story: a self-made Taiwanese immigrant with an investment firm that raked in hundreds of millions from the wealthy in his homeland.
But Pang's life story had a darker side: In 1997 his ex-stripper wife was murdered in their home, and on Saturday, he died suddenly of unknown causes as federal authorities pursued him for allegedly defrauding investors of millions.
Pang's death left investors frustrated and federal authorities empty-handed, but it has revived old questions about the flashy businessman's past, including speculation at the trial of his wife's alleged killer that Pang was tied to a violent Asian crime syndicate.
"My first reaction when I heard he was dead was, 'How?' He's been linked to all these things, and now he's involved in this indictment which involved his finances," said Michael Molfetta, an attorney who successfully defended Pang's corporate lawyer in the murder case. "It's just one of those cases that, through his death, some things may come to light."
The Orange County coroner ruled out foul play, but deferred a cause of death until toxicology reports are complete.
Federal prosecutors said they will likely dismiss the case against Pang. But they'll monitor reports from the court-appointed receiver managing assets seized by the Securities and Exchange Commission (SEC) for evidence that would implicate others at Private Equity Management Group of Irvine, Calif., said Assistant U.S. Attorney Joe McNally.
Pang was indicted in July on charges of illegally structuring financial transactions to evade currency-reporting requirements, just months after the SEC seized his assets and those of his two investment companies. The court-appointed receiver said Pang used investor funds as a "personal piggy bank" to fund $35 million on a fleet of jets, a $1 million cruise for employees and $1.5 million on a China vacation for his staff.
ASSOCIATED PRESS
