SEC Charges Pacific Private Money Group Executives with Multimillion-Dollar Fraud

The U.S. Securities and Exchange Commission (SEC) has filed charges against two former executives of Novato, California-based Pacific Private Money Group LLC (PPMG) for their roles in a multimillion-dollar offering fraud scheme. According to the SEC, the enforcement action names Mark D. Hanf, the former Chief Executive Officer of PPMG, and Hoai-Nam Chu Phan, the former Chief Operating Officer of a PPMG subsidiary. The regulator alleges that the executives orchestrated an investment scheme characterized by Ponzi-like operations. The regulatory agency's action underscores its ongoing focus on policing private fund managers and protecting investors from misleading investment offerings in alternative financial services and private lending markets.