California RE Fund CEO faces Ponzi charges

Federal prosecutors have charged Mark Hanf, CEO of Pacific Private Money Group, and COO Nam Phan with operating a multimillion-dollar Ponzi scheme that defrauded over 190 investors out of $103 million. The scheme, involving ongoing misrepresentations about distressed real estate investments, allegedly continued despite knowledge that the projects were losing money. By 2025, the fraud unravelled, and the funds' assets declined sharply, leading to bankruptcy and significant investor losses.

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