Accused of Wasting Millions on ‘Lavish Lifestyle'

A California financial adviser is accused in a federal fraud lawsuit of treating the investments he managed as a personal piggy bank that funded a lavish lifestyle.

Court-appointed receiver Robert P. Mosier said in court filings last week that Danny Pang accepted $823 million from Taiwan-based investors, and now the investor pool is worth as little as $213 million.

Mosier said Pang spent $35 million on a fleet of jets and millions of dollars on vacations for his employees.

Pang has denied wrongdoing through his attorneys.

Pang spokesman Charles Sipkins said in a statement that his client properly managed his clients' investments and said he will ask U.S. District Judge Philip S. Gutierrez to replace Mosier.

A hearing on the receivership is scheduled for Monday.

Copyright AP - Associated Press
Contact Us