WSJ Pic
Easy target Danny Pang is back in the news (now with picture!). Last week, the court-appointed receiver (for the reasons his company, PEMGroup is in bankruptcy, see previous coverage) accused the Taiwanese financier/ponzi-schemer of using the company as a “personal piggy bank.”
More on Pang’s pilfering and the receiver, after the jump.
According to that WSJ article,
The receiver, Robert Mosier, alleged in a federal court filing that more than $80 million in questionable personal and business expenses were financed by the firm’s investors, including a recent $1 million Disney cruise for the entire staff, the purchase of several jets and $6.9 million in undocumented loans to Mr. Pang.
A transfer of about $9.8 million to companies controlled by Mr. Pang, the receiver wrote, “may rise to the level of theft.”
Mosier is a self-proclaimed “turnaround specialist” who claims 450 court appointments since 1985 in various positions. He uses some interesting phrasing in his bio:
Education includes post graduate work at Harvard Business School in corporate governance and insolvency plus Pepperdine Law School’s mediation program. Mr. Mosier earned a Masters Degree from the American Graduate School of International Management and an undergraduate degree in business from Arizona State University.
The ASU degrees are pretty straightforward, but the Harvard bit sounds like he attended a 3-day Executive Education program just for the branding, but who knows?
Pang has, of course, maintained his innocence through counsel. He also issued a statement responding to Mosier’s allegations, saying in part
the receiver was appointed to provide an unbiased accounting of PEMGroup, but had instead exceeded his role by “choosing apparently to act as prosecutor, judge and jury.” The spokesman said Mr. Pang has been denied access to information collected by the receiver, and hadn’t been given a fair opportunity to respond to his allegations. He said Mr. Pang plans to ask the court to name a different receiver; the spokesman had no comment on the SEC filing.
As we’ve previously reported, Pang’s lawyer is David Schindler (Berkeley BA ’83, UCLA JD ’87), a litigation partner at Latham & Watkins.
Related posts:
