In the USA the financier accused of swindle has died

In the USA the founder of investment fund Private Equity Management Group Danny Pang suspected of creation of a financial pyramid and an abuse of regulations of a financial accounting has died.

Pang has died in hospital soon after hospitalisation. As the representative of a family of the dead has informed, the heart disease became a cause of death, reports Reuters.

Suspected of swindle official accusation on the case of illegal transfer of the large sum from a company account has been brought. As they say in materials of business, Pang by means of the employees and members of a family has cashed 38 cheques for the little less than 10,000 dollars each. Thereby the financier has bypassed a request about the obligatory reporting before regulating bodies.

Besides, the Commission on securities and exchanges of the USA has accused Penga of a deceit of investors. According to the commission, Pang used the scheme of Pontsi (in other words, has created a financial pyramid), thus he asserted that pays to investors money from profit on investments into insurance business.
For the period of investigation of Pang has been released on the security in 1 million dollars.

As reports Bloomberg, among investors of the company there were 8 financial organisations and 35 well-founded investors-physical persons. The sum of investments is evaluated in 823 million dollars.

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From the Californian prisons will release 25,000 prisoners

Legislative assembly of California has approved the plan according to which with a view of reduction of financing of prisons for two years from them will ahead of schedule release to 25,000 prisoners on Friday.

On it informs edition The Los Angeles Times.

The information on that a part of the concluded Californian prisons can receive freedom, have appeared even in the summer when the staff authorities discussed measures on reduction of budgetary deficiency. In particular, it was informed that from prisons are going to let out about 27,000 persons that would allow to save 1,2 billion dollars of budgetary funds.

According to LA Times, the new plan became compromise as earlier the Senate of California already has had time to approve the project providing reduction of the population of prisons for two years on 37,000 of persons. At the same time decrease in number of prisoners which it is planned to release, has led to that budgetary deficiency of staff will not be completely extinguished and will constitute more than 200 million dollars.

The sources of the edition close to administration of California, approve that, despite fiscal problems, governor Arnold Schwarzenegger, predictably, the document will sign.

Meanwhile the law can leave unresolved and a problem of congestion of prisons of staff. In the beginning of August federal judges in reply to numerous claims from the concluded Californian correctional institutions have enacted that to the middle of September on freedom should leave more than 40,000 persons. Now in staff prisons contain about 170,000 prisoners.

Schwarzenegger has counted such decision rash and has promised to challenge it in the Supreme Court. In its opinion, the staff administration, instead of federal court should solve a problem of overpopulation of prisons. At the same time the prospect of clearing of a great number of prisoners strongly irritates the population of California.

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