Marin County financiers indicted in a $103 million Ponzi scheme preying on seniors

Two Marin County financiers, Mark Hanf and Nam Phan, were indicted on wire-fraud charges for allegedly raising about $103 million from roughly 175–190 investors via Pacific Private Money, telling them funds would buy real estate loans for profits while actually using new investor money to pay earlier investors; the schemes’ funds were largely unprofitable, with at least one large loan default and $7 million funneled to personal use. The duo allegedly moved money between funds to keep up appearances, and the collapse followed investor withdrawals. The SEC is pursuing the case, and if convicted they could face up to 20 years in prison; court proceedings are scheduled for later this month.