Irvine financier Danny Pang is accused by the government of running a multi-million dollar investment Ponzi scheme which netted him at least $83 million in proceeds, according to a report unsealed last week by US District Judge Philip Gutierrez in Los Angeles. Pang’s investment firm was subject to federal seizure in April when the alleged investment scheme unraveled.

The report also indicates that Pang paid his “bookie” a bonus of $1.7 million. Pang’s Private Equity Management Group solicited investments of more than $800 million mainly from investors in Taiwan. The report was unsealed as the result of a challenge from Dow Jones & Co., which publishes the Wall Street Journal. The Wall Street Journal had claimed that Pang misrepresented his credentials, claiming that he was a graduate of the University of California when in fact he was not enrolled there as a student.

This is not the first time Pang has been implicated in a crime. In 1997, his wife, Janie was murdered after opening the door to her home. Police charged Hugh McDonald, an attorney and associate of Pang’s with the murder, but the jury was unable to render a verdict in that case. McDonald’s attorney claimed that Pang had hired a hitman to kill his wife. Pang said that Janie, a former stripper, was being stalked and was killed by him.

If you’ve been charged with investment fraud, embezzlement, theft or related charges, federal criminal defense attorneyRobert Michael Helfend can help. Mr. Helfend has 25 years experience in providing criminal defense in federal matters and is known for his aggressive defense of his clients.

Federal crimes are serious because they carry stiff penalties and the prosecution has access to extraordinary resources. You need a federal criminal defense attorney who will fight for your rights throughout the judicial process. Contact Robert Helfend today for a free consultation on your case. Photo Credit: Noel Tanner , via Flickr