Marin County financiers indicted for $100 million Ponzi scheme targeting retirees
Two Marin County investment executives were charged with wire fraud for running a $100 million-plus Ponzi scheme that solicited money from senior investors.
Federal prosecutors have indicted Mark Hanf, the founder and CEO of Pacific Private Money, and Novato-based fund manager Nam Phan on wire-fraud charges tied to a $100 million-plus Ponzi operation. From late 2021 through the end of 2025, the duo attracted about $103 million from 175 investors, many of whom were retired Californians, by falsely claiming the funds were profitable and would invest in real-estate loans. Instead, they recycled investor money to fabricate returns and transferred funds between entities, while Hanf allegedly siphoned roughly $7 million for personal bills.
The fraud unraveled after a wave of withdrawal requests, prompting the two funds to declare bankruptcy with recoverable assets estimated at under $17 million. U.S. Attorney Craig H. Missakian emphasized the intent to protect the public, and the SEC noted the severe shortfall. Hanf and Phan have entered not-guilty pleas and are awaiting further court dates.
Why it matters
The case highlights risks of fraudulent private-market investments and the vulnerability of senior investors.
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