(Former) Frontier Group Partner Under Fire

A (now reportedly former) partner at Frontier Group, Mr. Danny Pang, has come under fire in a WSJ article describing accusations of falsifying educational credentials (inlcuding his MBA), alleged embezzlement of $3m from a VC fund where he was employed, and possible improper activities at his PEMGroup private equity fund, which he founded. From WSJ:

"Mr. Pang's résumé depicts a glittering success story: a Taiwanese immigrant who earned an M.B.A., worked on Wall Street and now heads a $4 billion investment fund."   

"But both Mr. Pang's past and his business may not be quite as they appear. The university from which he says he has an M.B.A. and another degree says it has no record of either. Morgan Stanley, where Mr. Pang's bio says he was a senior vice president and senior high-tech merger adviser, says it can find no record it ever employed him."

Although slightly more well-known (and in question) for founding PEMGroup, which raised its first fund in 2004, Mr. Pang also became a partner in Frontier Group with Carlyle Group co-founder Frank Carlucci, former Chairman & CEO of Lockheed Martin Norm Augustine, and former CEO of McDonnell Douglas Sanford McDonnell. See all Senior Member Bios here, where Danny Pang is still listed as a JV Partner even though a spokesman for Frontier (according to WSJ) has stated he is no longer a member.

Frontier Group describes themselves as a general PE fund, or in their words, "an investment firm that invests capital into privately-held businesses and state-owned assets in the U.S. and Asia." However, their own case studies and recent deals include defense & aerospace related deals.