SEC Charges San Francisco Bay Area Private Fund Executives with Multimillion Dollar Ponzi

Billy Odell Tucker-Robinson Founder & Host — Banking With Billy Network • Intelligence Network • Data Science • AI Research • World News
Published: 2026-09-16T14:05:47.016Z • Permanent link

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 PPMG's subsidiary, Pacific Private Money Group Europe, have been charged by the Securities and Exchange Commission (SEC) with operating a multimillion-dollar Ponzi-like scheme. The SEC alleges that PPMG and its subsidiary, Pacific Private Money Group Europe, engaged in a complex scheme to defraud investors out of millions of dollars. Hanf and Phan are accused of promising investors unusually high returns on investments in private funds, but instead of investing the money as promised, they used it to fund their own lavish lifestyles.

According to the SEC, PPMG and its subsidiary were active in the San Francisco Bay Area, with operations in California and Europe. The SEC alleges that Hanf and Phan used their positions to deceive investors about the true nature of their investments and the risks involved. They allegedly used complex financial language and fake documents to convince investors to put their money into the private funds. The SEC also alleges that Hanf and Phan used the money from new investors to pay returns to earlier investors, creating a false appearance of profitability.

Hanf and Phan are accused of operating a Ponzi-like scheme that spanned several years, with investments totaling over $20 million. The SEC alleges that Hanf and Phan used the money from these investments to fund their own lifestyles, including luxury cars, real estate, and international travel. The SEC also alleges that Hanf and Phan used some of the money to pay off debts and to fund their business operations.

The SEC's charges against Hanf and Phan have significant implications for the Global Infrastructure domain, particularly for companies and research communities that invest in private funds. The SEC's allegations that Hanf and Phan used their positions to deceive investors about the true nature of their investments and the risks involved raise serious concerns about the integrity of the private fund industry. The SEC's charges also highlight the need for greater transparency and oversight in the private fund industry, particularly for smaller firms that may not have the resources to conduct thorough due diligence on their investments.

The SEC's charges against Hanf and Phan also have implications for the markets and policy environments that govern the private fund industry. The SEC's allegations that Hanf and Phan used their positions to manipulate the market and deceive investors raise concerns about the potential for insider trading and other forms of market manipulation. The SEC's charges also highlight the need for greater regulation and oversight of the private fund industry, particularly in light of the recent collapse of several major private funds.

The SEC's charges against Hanf and Phan are part of a larger pattern of regulatory enforcement actions against private fund managers and operators. In recent years, the SEC has taken action against several firms and individuals accused of operating Ponzi-like schemes or other forms of investment fraud. These actions have highlighted the need for greater transparency and oversight in the private fund industry, particularly for smaller firms that may not have the resources to conduct thorough due diligence on their investments.