In the USA the founder of investment fund Private Equity Management Group Danny Pang suspected of creation of a financial pyramid and an abuse of regulations of a financial accounting has died.
Pang has died in hospital soon after hospitalisation. As the representative of a family of the dead has informed, the heart disease became a cause of death, reports Reuters.
Suspected of swindle official accusation on the case of illegal transfer of the large sum from a company account has been brought. As they say in materials of business, Pang by means of the employees and members of a family has cashed 38 cheques for the little less than 10,000 dollars each. Thereby the financier has bypassed a request about the obligatory reporting before regulating bodies.
Besides, the Commission on securities and exchanges of the USA has accused Penga of a deceit of investors. According to the commission, Pang used the scheme of Pontsi (in other words, has created a financial pyramid), thus he asserted that pays to investors money from profit on investments into insurance business. For the period of investigation of Pang has been released on the security in 1 million dollars.
As reports Bloomberg, among investors of the company there were 8 financial organisations and 35 well-founded investors-physical persons. The sum of investments is evaluated in 823 million dollars.