The Securities and Exchange Commission (SEC) today announced charges against two San Francisco Bay Area private fund executives, Mark D. Hanf and Hoai-Nam Chu Phan, for allegedly orchestrating a multimillion-dollar Ponzi-like offering fraud.
Hanf, the former CEO of Novato, California-based Pacific Private Money Group LLC (PPMG), and Phan, the former COO of a PPMG subsidiary, are accused of the scheme. The SEC's action targets their alleged roles in the fraudulent operation.