A million little Madoffs

Okay, I exaggerated the title of this post. There's only one in this article, but for all we know there could be a million just like him.

The U.S. Securities and Exchange Commission secured an emergency court order on Monday freezing the assets of California financier Danny Pang and two of his firms, accusing the Newport Beach resident of defrauding Asia-based investors of hundreds of millions of dollars.

Small fraud compared to Madoff, but "U.S. securities regulators are now running about 150 active hedge fund investigations and another 50 probes involving credit default swaps and other derivatives." If they have 200 active investigations going, it's not unreasonable to imagine there are many more they just haven't discovered yet. [h/t mikevotes]

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