Source: New York Post
Two financiers in a wealthy California community were indicted Tuesday on charges of wire fraud in a $100 million-plus Ponzi scheme that promised investors “highly attractive” returns from mortgage loans — and allegedly preyed on senior citizens. Tiburon resident Mark Hanf, founder and CEO of Pacific Private Money, and Novato resident Nam Phan, another fund executive, swindled investors by making false statements about the funds’ financial condition in order to get more investments, prosecutors alleged. 4 Mark Hanf of Pacific Private Money is charged with swindling $103 million from roughly 190 investors in a “Ponzi-like” scheme targeting seniors and retirees.
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