City Of Irvine (City Of Irvine, CALIFORNIA) www.cityofirvine.com

Danny Pang — the California-based private-equity executive on whom we bestowed the title of Most Insane Alleged Fraud of 2009 after the SEC accused him of running a Ponz-like scheme back in April — extracted at least $83 million in allegedly inflated fees, loans, and salary from his investment firm before it was seized by regulators, according to Robert Mosier, the receiver checking out his firm.

Mr. Mosier also tracked what happened to the cash, finding that most of it went to Mr. Pang personally, but $1.7 million was paid to a man alleged to be Mr. Pang’s bookie, $1.8 million to Mr. Pang’s wife, and hundreds of thousands of dollars to other relatives.

Also, as we know, he made it rain on some Rubenesque office assistants. The Journal doesn’t bring up that whole he-may-have-had-his-wife-murdered thing again, but we’re sure he didn’t anyway, because he seems like a pretty nice guy, he was an awesome boss, and as you can see, on the way out of court, he even offered a passing paparazzi photographer a fist-bump!

—- LATEST UPDATE—

12 Year Old Girl Missing Since Friday Found Unharmed

IRVINE –A 12-year-old Irvine girl reported missing last Friday was found unharmed in Riverside and reunited with her family, police said Thursday.

Clarissa Zahedtalab had apparently been staying with friends, and was in good condition, police said.

She had last been seen about 6 p.m. Friday when she left her home without telling anyone where she was going, according to Irvine police Lt. John Hare.

Clarissa’s family said she had left home without permission several times before and had always returned a few hours later.

They became very worried when she didn’t return later on Friday and alerted police, who then asked for the public’s help finding the girl.

The Zahedtalab family moved to Irvine about a month ago from Riverside.

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IRVINE- Police are asking the public’s assistance in finding a missing 12 year old girl– Clarissa Zahedtalab of Irvine.

Clarissa was reported missing shortly before 11:00 p.m. On Friday, June 19th. Family members tell police she left their home at around 6:00 p.m. that day without telling anyone where she was going.

According to Clarissa’s family, she had left home without permission several times before and had always returned a few hours later. They became very worried when she didn’t return later on Friday and alerted police.

Clarissa is described as being 12 years old, 5 feet, 7 inches tall, weighing about 120 pounds, with brown hair and brown eyes. She was last seen wearing a black long sleeved shirt, blue jeans, grey sneakers, white/purple earring studs and carrying a white purse with a gold design on it.

The Zahedtalab family moved to Irvine about a month ago from Riverside. Clarissa has friends in Riverside and may frequent or possibly be around that area as well, say Irvine Police Lieutenant John Hare.

Though the Irvine Police department has followed up on several leads, none have led to Clarissa. They are asking anyone who may know anything about Clarissa’s disappearance or whereabouts to call local law enforcement or the Irvine police at (949) 724-7000.

Tipsters may choose to remain anonymous.

IRVINE – The son of congressional candidate and Irvine Councilwoman Beth Krom died Friday, a little more than a week before he was scheduled to graduate from college, her campaign announced Sunday morning.

Noah Krom, 22, was a senior at UC Santa Barbara. Krom’s campaign would not release the details of his death in Santa Barbara County. Authorities in Santa Barbara could not immediately be reached.

Krom, an Irvine native, was scheduled to graduate with a business degree June 14, said Melahat Rafiei, Beth Krom’s campaign manager.

“We appreciate the kind thoughts, prayers and messages we have received from our friends, the community, and our colleagues, as well as messages from those who have touched Noah’s life over the years,” Beth Krom and her husband, Solly, said in a written statement. “We are grateful for your support during this difficult time.”

Memorial services have not been set, Rafiei said.

Along with his parents, Noah also is survived by his brother, Hershel, and sister, Abby, Rafiei said.

First seated on the Irvine City Council in 2000, Krom has won five consecutive city elections. She is currently running against John Campbell, R-Irvine, for the 48th District Congressional seat.

“As a family friend it is a real tragedy. I have not spoken to Beth since it happened, I wanted to respect her privacy,” said Dan Chmielewski, an Irvine-based writer for the Liberal OC blog. “It is a real tragedy for a young man at this point in his life to be taken away like that.”

Irvine Mayor Sukhee Kang said he is deeply saddened. “There is a grieving we are feeling as a city. The pain that we feel as parents, and as colleagues, is profound,” Kang said. “In this tragic moment, I am at a loss for the right words.  My heart goes out to Councilmember Krom, her family and friends. They will be in our prayers.”

Irvine-based Broadcom’s subsidiary Fiji Acquisition Corp. is extending its $9.25 per share tender offer for all of Emulex Corp.’s common stock until June 17.

The move comes deep in the battle between Broadcom and the Costa Mesa-based chipmaker, which has been going on since April, when Broadcom first made its $9.25 per share – or $764 million dollar – bid public.

After rejecting the offer, Emulex announced this week that it is taking its argument to a California court, requesting the offer be blocked. The company also seeks full disclosure from Broadcom.

Now Broadcom, which manufactures semiconductors for wired and wireless communications, has extended its proposal, which was previously set to expire June 3.

“We believe our all-cash offer of $9.25 net per share reflects a full and fair price for Emulex common stock,” says Broadcom President and CEO Scott McGregor.

Settlement Funds from Qualcomm unacceptable to Emulex.

32 year old man drowned in a community pool.

Gokulaprasad Govindaswamy of Cerritos, living in Qualcreek Road, he died at Kaiser in Irvine at 5pm.

IRVINE – A mega-millionaire has been born in Irvine.

Beating odds of 1 in 175,711,536, a ticket bought at the Irvine Market matched all five Mega Million numbers plus the Mega number in Friday’s contest, state Lotto officials said. The $1 ticket is now worth $19 million.

The winning ticketholder has not yet claimed the prize, Lotto officials said Saturday. The ticket bought in Irvine splits a $38 million jackpot with a ticket sold in Virginia.

The winning ticket was bought at Irvine Market, 2540 Main St. The retailer will receive a bonus of $95,000 for selling the winning ticket to a portion of the jackpot.

The winning ticket combination was 48, 12, 24, 7, 36 with Mega number 27. The winning Irvine ticket is the ninth Mega Millions jackpot winning ticket ever sold in California. Winning numbers are drawn every Tuesday and Friday at 8 p.m.