Today, the Honorable Philip S. District Judge for the Central District of California issued an order (1) freezing the assets of PEM Group and Pang; (2) requiring accountings; (3) prohibiting the destruction of documents; (4) granting expedited discovery; (5) appointing a receiver over the PEM Group; and (6) temporarily enjoining PEM Group and Pang from future violations of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b 5 thereunder. The SEC also seeks permanent injunctions, disgorgement, and civil penalties against PEM Group and Pang..
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