Federal authorities have charged two finance executives in California’s Bay Area with running an alleged Ponzi scheme that took in more than $100 million from investors.
The pair raised money by promising returns from mortgage loans backed by real estate, says the SEC.
Mark Hanf, 66, was CEO of Pacific Private Money in Novato. Nam Phan, 58, was a top executive at a company affiliate.
Prosecutors say they hid losses on a sour loan and used new investor money to pay older investors.
The SEC says Hanf took more than $7 million for personal use, including credit cards and a mortgage. Many of the investors were retired people in California.
The scheme collapsed in late 2025 when people asked for their money back and the funds could not pay. By early 2026, records showed about $121 million still invested and less than $17 million left to recover.
Pacific Private Money made private loans tied to real estate. The funds later went into bankruptcy.
Both men pleaded not guilty and are free on bond. A wire fraud conviction can bring up to 20 years in prison. The SEC filed a separate civil case. They have not admitted the civil claims.
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The post California Men Accused of Orchestrating $100,000,000 Ponzi Scheme appeared first on The Daily Hodl.
Two Bay Area executives stand accused of running a Ponzi scheme that raised over $100 million from mostly retired investors by promising returns on real estate loans while using new funds to pay earlier ones.
The post California Men Accused of Orchestrating $100,000,000 Ponzi Scheme appeared first on The Daily Hodl. Big Money, Scams, Hacks & Breaches, California, crime, News, ponzi
This articles is written by : Nermeen Nabil Khear Abdelmalak
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