Orange County Money Manager Accused of Defrauding Investors Out of Millions of Dollars
Danny Pang, and Orange County money manager, was arrested on suspicion of evading currency reporting laws. According to the Los Angeles Times, Pang is accused of bilking investors of hundreds of millions of dollars and has allegedly sought to hide more than $300,000 in cash from the government.
On Monday, Pang’s assets and those of his Irvine company, Private Equity Management Group Inc., were frozen at the request of the SEC. He was asked to surrender his passports, return any “ill-gotten gains” and any money that might have been sent overseas.
The SEC said in a complaint that Pang had used money from newer investors to make interest payments to earlier investors, a tactic often used in Ponzi schemes.
I’ve helped victims of investment fraud – including those scammed by Madoff’s Ponzi scheme - recoup 30-40% of their losses from the IRS. By filing tax theft loss deductions, fraud victims can qualify for an IRS tax break to recover taxes paid on phantom income — profits that appeared on their annual account statements but didn’t actually exist and were never paid to the investor — from the last five years.
The IRS has released Safe Harbor Guidelines for helping taxpayers recoup fraud losses, but I recommend that fraud victims get a specialized tax expert to navigate the tax code and assist them through the highly complicated and technical process.
For more advice and information on investment fraud representation, visit the Tax Resolution Services web site for a free tax relief consultation or call 866-IRS-PROBLEMS.
More Tax Help, IRS News and Tax Relief Tips:
- New IRS “Safe Harbor” Guidelines for Ponzi Victims Filing Tax Theft Loss Deductions
- Tax and Planning Implications for Madoff Ponzi Scheme Victims
- What Safe Harbor Really Means for Ponzi Victims – IRS Estimates it will Refund Fraud Victims $17 Billion, But Not Without a Fight
- Stop Tax Haven Abuse Bill: Preventing Offshore Tax Evasion Another Sign IRS Enforcement is on the Rise
- IRS Tax Help From Tax Expert: What Individuals and Businesses Need to Know to Avoid Tax Problems
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