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SEC wants financier's assets frozen before trial

SEC wants financier's assets frozen before trial

The Securities and Exchange Commission is seeking to permanently freeze the assets of a Taiwanese immigrant financier accused of bilking investors until his fraud trial is over.
Judge Philip S. Gutierrez said Monday he would rule next week on the request concerning the assets of Danny Pang, who is accused of bilking investors in his Private Equity Management Group companies.
Gutierrez temporarily froze Pang's assets in April, when he also ordered the California financier to repatriate any assets sent overseas and turn over his passports.
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.