SEC Charges Former Pacific Private Money Group Executives in Ponzi-Like Scheme

The U.S. Securities and Exchange Commission (SEC) has filed charges against Mark D. Hanf, former CEO of Pacific Private Money Group (PPMG), and Hoai-Nam Chu Phan, former COO of a PPMG subsidiary. The executives are accused of orchestrating a multi-million dollar offering fraud resembling a Ponzi scheme.