As part of the SEC's civil lawsuit filed in federal court in Los Angeles, U.S. District Judge Philip Gutierrez froze the assets of Mr. Pang and the Irvine, Calif., businesses he ran, Private Equity Management Group Inc. and Private Equity Management Group LLC. The judge also appointed a receiver, Robert P. Mosier, to safeguard the existing assets.
The judge ordered Mr. Pang to return money sent overseas and to surrender his passport. The investigation ...
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