Panda Resources’ Head Gets 5-Year Sentence
The head of a defunct firm that allegedly marketed fraudulent investments from several offices, including one in Agoura, has been sentenced to five years in prison by a Superior Court judge in Los Angeles.
Judge Stanley Weisberg imposed the sentence on James Young, 32, a Glendale resident, on Aug. 26. Young had pleaded no contest in June to one count of fraud, two counts of securities law violations and one count of perjury.
Young was chairman and chief executive of Panda Resources International Ltd., which was based in Century City. Through Panda, Young and others raised money from investors, telling them the funds would be used to fund a Michael Jackson board game, a dance music awards program, soccer matches and other entertainment events that never took place.
At least 120 investors were defrauded by Panda of $3 million from August, 1989, to October, 1990, said Deputy Dist. Atty. Stephen Mazur. Legal proceedings are continuing against 10 other defendants involved in Panda, he said.