Federal judge freezes Calif. financier Danny Pang’s assets during SEC fraud investigation

Judge freezes Pang’s assets during SEC probe

LOS ANGELES — A federal judge has temporarily frozen the assets of a Southern California financier while he is under investigation by the Securities Exchange Commission.

The judge on Monday ordered Danny Pang, who is accused of defrauding investors in his Private Equity Management Group companies, to repatriate any assets sent overseas and turn over his passports.

The SEC asked the court to freeze Pang’s assets permanently, but the judge plans to rule on that motion in a week and appoint a permanent receiver until the investigation is completed.

Investigators say Pang falsely portrayed returns as coming from investments in timeshare real estate and life insurance policies of seniors.

Pang has denied wrongdoing through his attorneys.