Read the Small Print
It would appear that “Californian financier” Danny Peng forgot to read the small print on the enclosed form, in particular Section II Part 27. A Currency Transaction Report applies to both cash coming in to a financial institution and cash going out. Structuring transactions is considered “not cricket”. If you’re going to allegedly defraud your investors of millions and then get rolled by the cops, don’t run down to the bank branch with a duffel bag and hope to fill it with cash before making a run for the border.
“One should absorb the colour of life, but one should never remember its details. Details are always vulgar.”
- Oscar Wilde, "The Picture of Dorian Gray"
Irish dramatist, novelist, & poet (1854 - 1900)
For financial institutions dealing with dubious private equity firms, ManchesterCF’s Financial Crime in Capital Markets course may be of interest. For further information, visit http://www.manchestercf.com/Files/MCF_Financial_Crime_Cap_Mkts.pdf
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http://online.wsj.com/article/SB124104989372970935.html#printMode
APRIL 30, 2009, 8:34 A.M. ET
Peng Confined to His Home
By MARK MAREMONT
California financier Danny Pang was released on a $1 million bond and confined to his Newport Beach home with electronic monitoring, according to a spokesman for the U.S. attorney in Los Angeles.
Mr. Pang, 42 years old, was arrested Tuesday on charges he structured dozens of large cash withdrawals in a way to avoid triggering federal reports designed to combat money laundering.
The criminal charges are separate from civil allegations filed Monday by the Securities and Exchange Commission that Mr. Pang ran a massive international fraud involving hundreds of millions of dollars. Mr. Pang stepped down earlier this month as CEO of Private Equity Management Group, or PEMGroup, of Irvine, Calif. His attorney has denied the SEC's fraud charges.
The release conditions were set Wednesday by a U.S. magistrate in Santa Ana, Calif.
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