SEC Charges Former CEO of Pacific Private Money Group with Multimillion Dollar Ponzi Scheme
The SEC has filed charges against Mark D. Hanf, the former CEO of Pacific Private Money Group, for a multimillion dollar Ponzi-like scheme.
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Evidence
- SSEC Press ReleasesRegulator2026-09-02 01:52
The Securities and Exchange Commission today charged Mark D. Hanf, the former CEO of Novato, California-based Pacific Private Money Group LLC (PPMG), and Hoai-Nam Chu Phan, the former COO of a PPMG subsidiary, with orchestrating an offering fraud that raised more than $80 million from approximately 190 mostly retail
- SSEC Press ReleasesRegulator2026-09-02 01:52
The Securities and Exchange Commission today charged Mark D. Hanf, the former CEO of Novato, California-based Pacific Private Money Group LLC (PPMG), and Hoai-Nam Chu Phan, the former COO of a PPMG subsidiary, with orchestrating an offering fraud that raised more than $80 million from approximately 190 mostly retail investors, many of whom were retired senior citizens.
- SSEC Press ReleasesRegulator2026-09-02 01:52
However, as alleged, Hanf and Phan regularly used new investor capital to make Ponzi-like payments to prior investors during this timeframe, and the returns that Hanf and Phan touted were sourced largely from new investor money rather than from any fund earnings connected with their real estate lending business. The SEC further alleges that Hanf misappropriated more than $7 million of investor fu…