Securities and Exchange Commission v. Private Equity Management Group, Inc. et al, No. 2:2009cv02901 - Document 800 (C.D. Cal. 2012)
Court Description: FINAL JUDGMENT AS TO DEFENDANT ALEX PANG, THE SPECIAL ADMINISTRATOR OF THE ESTATE OF DANNY PANG by Judge Philip S. Gutierrez, in favor of United States of America against Alex Pang: IT IS HEREBY FURTHER ORDERED, ADJUDGED, AND DECREED that the Pang Es tate is liable for disgorgement of $9,488,413, representing profits gained as a result of the conduct alleged in the Second Amended Complaint, together with prejudgment interest thereon in the amount of $1,090,771, for a total of $10,5 79,184. The Pang Estate shall assign to the Court-appointed permanent Receiver all of its rights and interests in the following assets and claims. IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that the Consent of Defendant Alex Pang, the Special Admin istrator of the Estate of Danny Pang is incorporated herein with the same force and effect as if fully set forth herein, and that the Pang Estate shall comply with all of the undertakings and agreements set forth therein. IT IS FURTHER ORDERED, ADJU DGED, AND DECREED that this Court shall retain jurisdiction of this matter for the purposes of enforcing the terms of this Final Judgment. Nothing herein shall extinguish the powers and authorities granted to the Receiver in the Court's August 4 , 2009 Preliminary Injunction (See Docket No. 246). There being no just reason for delay, pursuant to Rule 54(b) of the Federal Rules of Civil Procedure, the Clerk is ordered to enter this Final Judgment forthwith and without further notice. (see document for further details) (bm)
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Securities and Exchange Commission v. Private Equity Management Group, Inc. et al 1 2 3 4 5 6 7 Doc. 800 DAVID J. VAN HAVERMAAT, Cal. Bar No. 175761 Email: vanhavermaatd@sec.gov PARIS A. WYNN, Cal. Bar No. 224418 E-FILED 10/22/12 Email: wynnp@sec.gov Attorneys for Plaintiff Securities and Exchange Commission Michele Wein Layne, Regional Director John M. McCoy III, Associate Regional Director John W. Berry, Regional Trial Counsel 5670 Wilshire Boulevard, 11th Floor Los Angeles, California 90036 Telephone: (323) 965-3998 Facsimile: (323) 965-3908 8 9 UNITED STATES DISTRICT COURT 10 CENTRAL DISTRICT OF CALIFORNIA 11 WESTERN DIVISION 12 SECURITIES AND EXCHANGE COMMISSION, 13 14 15 Plaintiff, vs. 17 PRIVATE EQUITY MANAGEMENT GROUP, LLC; PRIVATE EQUITY MANAGEMENT GROUP, INC.; and DANNY PANG, 18 Case No. CV 09-2901 PSG (Ex) [PROPOSED] FINAL JUDGMENT AS TO DEFENDANT ALEX PANG, THE SPECIAL ADMINISTRATOR OF THE ESTATE OF DANNY PANG Defendants. 16 19 20 21 22 23 24 25 26 27 28 Dockets.Justia.com 1 The Securities and Exchange Commission (“Commission”) having filed its 2 Second Amended Complaint and Defendant Alex Pang, the Special Administrator 3 of the Estate of Danny Pang (“Pang Estate”) having entered a general appearance; 4 consented to the Court’s jurisdiction over the Pang Estate and the subject matter of 5 this action; consented to entry of this Final Judgment without admitting or denying 6 the allegations of the Second Amended Complaint (except as to jurisdiction); 7 waived findings of fact and conclusions of law; and waived any right to appeal 8 from this Final Judgment: I. 9 IT IS HEREBY FURTHER ORDERED, ADJUDGED, AND DECREED 10 11 that the Pang Estate is liable for disgorgement of $9,488,413, representing profits 12 gained as a result of the conduct alleged in the Second Amended Complaint, 13 together with prejudgment interest thereon in the amount of $1,090,771, for a total 14 of $10,579,184. The Pang Estate shall assign to the Court-appointed permanent 15 Receiver all of its rights and interests in the following assets and claims: 16 1. $2.6 million of the $5 million in proceeds from American General Life 17 Insurance policy #USE000243L, which insured the life of Danny Pang; 18 2. Real property located at 2777 Paradise Drive #2504, Las Vegas, Nevada, 19 including any funds generated from the property or realized from the sale 20 thereof; 3. Real property located at 210 Fern Street, Newport Beach, California, 21 22 including any funds generated by the property or realized from the sale 23 thereof; 4. A 2007 Aston Martin automobile valued at approximately $100,000, and 24 any funds realized from the sale thereof; and 25 5. A Star golf cart valued at approximately $10,000, and any funds realized 26 from the sale thereof. 27 28 /// 1 1 Based upon the Pang Estate’s assignment to the Receiver of all of its rights 2 and interests in the assets and claims listed above, the Commission will deem 3 satisfied the outstanding balance of the Pang Estate’s disgorgement and 4 prejudgment interest obligations. In the event that the Pang Estate does not take all 5 actions necessary to turn over to the Receiver all of the assets and claims listed 6 above, the Pang Estate shall be liable for the entire amount of disgorgement and 7 prejudgment interest, as well as post-judgment interest on any delinquent amounts 8 pursuant to 28 U.S.C. § 1961. 9 In addition to the obligations of the Pang Estate as set forth herein, the Pang 10 Estate remains liable for any obligations in connection with the settlement between 11 and among Receiver Robert P. Mosier, the permanent Receiver for Private Equity 12 Management Group, Inc., Private Equity Management, LLC, and their subsidiaries 13 and affiliates; the Estate of Danny Pang; Sheanna Pang; Tai-Shan Pang; Sharon 14 Pang; Danny Pang, Jr.; and Comerica Bank & Trust NA, permanent guardian of 15 the estate of Blair Pang, a minor. 16 II. 17 IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that the 18 Consent of Defendant Alex Pang, the Special Administrator of the Estate of Danny 19 Pang is incorporated herein with the same force and effect as if fully set forth 20 herein, and that the Pang Estate shall comply with all of the undertakings and 21 agreements set forth therein. 22 III. 23 IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that this 24 Court shall retain jurisdiction of this matter for the purposes of enforcing the terms 25 of this Final Judgment. Nothing herein shall extinguish the powers and authorities 26 granted to the Receiver in the Court’s August 4, 2009 Preliminary Injunction (See 27 Docket No. 246). 28 2 IV. 1 2 There being no just reason for delay, pursuant to Rule 54(b) of the Federal 3 Rules of Civil Procedure, the Clerk is ordered to enter this Final Judgment 4 forthwith and without further notice. 5 6 Dated: October __, 2012 19 7 ________________________________ HONORABLE PHILIP S. GUTIERREZ UNITED STATES DISTRICT JUDGE 8 9 Presented by: 10 11 12 13 /s/ David J. Van Havermaat David J. Van Havermaat Paris A. Wynn Attorneys for Plaintiff Securities and Exchange Commission 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 3 PROOF OF SERVICE 1 2 3 I am over the age of 18 years and not a party to this action. My business address is: [X] 4 5 6 7 8 U.S. SECURITIES AND EXCHANGE COMMISSION, 5670 Wilshire Boulevard, 11th Floor, Los Angeles, California 90036-3648 Telephone No. (323) 965-3998; Facsimile No. (323) 965-3908. On October 18, 2012, I caused to be served the document entitled [PROPOSED] FINAL JUDGMENT AS TO DEFENDANT ALEX PANG, THE SPECIAL ADMINISTRATOR OF THE ESTATE OF DANNY PANG on all the parties to this action addressed as stated on the attached service list: [ ] 9 10 OFFICE MAIL: By placing in sealed envelope(s), which I placed for collection and mailing today following ordinary business practices. I am readily familiar with this agency’s practice for collection and processing of correspondence for mailing; such correspondence would be deposited with the U.S. Postal Service on the same day in the ordinary course of business. [ ] PERSONAL DEPOSIT IN MAIL: By placing in sealed envelope(s), which I personally deposited with the U.S. Postal Service. Each such envelope was deposited with the U.S. Postal Service at Los Angeles, California, with first class postage thereon fully prepaid. [ ] 11 EXPRESS U.S. MAIL: Each such envelope was deposited in a facility regularly maintained at the U.S. Postal Service for receipt of Express Mail at Los Angeles, California, with Express Mail postage paid. 12 13 14 15 16 17 [ ] HAND DELIVERY: I caused to be hand delivered each such envelope to the office of the addressee as stated on the attached service list. [ ] UNITED PARCEL SERVICE: By placing in sealed envelope(s) designated by United Parcel Service (“UPS”) with delivery fees paid or provided for, which I deposited in a facility regularly maintained by UPS or delivered to a UPS courier, at Los Angeles, California. [ ] ELECTRONIC MAIL: By transmitting the document by electronic mail to the electronic mail address as stated on the attached service list. [X] E-FILING: By causing the document to be electronically filed via the Court’s CM/ECF system, which effects electronic service on counsel who are registered with the CM/ECF system. [ ] FAX: By transmitting the document by facsimile transmission. The transmission was reported as complete and without error. 18 19 20 21 22 23 24 25 26 I declare under penalty of perjury that the foregoing is true and correct. Date: October 18, 2012 /s/ David J. Van Havermaat David J. Van Havermaat 27 28 4 1 2 SEC v. PRIVATE EQUITY MANAGEMENT GROUP, INC., et al. United States District Court – Central District of California Case No. CV 09-2901 PSG (Ex) (LA-3651) 3 4 5 6 7 8 9 10 11 12 SERVICE LIST Manuel A. Abascal, Esq. (served via CM/ECF only) Latham & Watkins 355 South Grand Avenue Los Angeles, CA 90071-1560 Email: manny.abascal@lw.com Counsel to Alex Pang, Administrator of the Estate of Danny Pang Nick Pujji, Esq. (served via CM/ECF only) DLA Piper US LLP 2000 Avenue of the Stars, Suite 400 Los Angeles, CA 90067 Email: nick.pujji@dlapiper.com Counsel to Receiver Robert P. Mosier 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 5
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