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California Financier Pang Freed on $1 Million Bail

By: Reuters | 29 Apr 2009 | 10:09 PM ET

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California financier Danny Pang was freed on a $1 million bond and confined to his Newport Beach home with an electronic monitor, a day after being arrested on a federal charge of structuring cash transactions to hide them from the government.

(See exclusive video of Danny Pang leaving the Santa Ana courthouse)

Pang, the founder and ex-chief executive of Private Equity Management Group and Private Equity Management (the PEMGroup), was arrested on Tuesday in California on a charge of structuring cash transactions to avoid reporting them to the government, U.S. authorities said.

U.S. Magistrate Judge Robert Block set Pang's arraignment for May 26 and a preliminary hearing for May 19 in Santa Ana, California. The crime of structuring cash settlements carries a 10-year maximum federal prison sentence.

Pang, 42, is accused of using PEMGroup employees and family members, starting in June of 2007, to cash 38 checks in amounts just under $10,000 to avoid filing currency transaction reports, according federal authorities.

Pang stepped down as CEO of PEMGroup earlier this month following accusations by federal authorities that he had engaged in a Ponzi scheme.

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The U.S. Securities and Exchange Commission on Monday obtained a court order freezing assets controlled by Pang and two of his companies, accusing him of defrauding Asia-based investors of hundreds of millions of dollars.

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