Pacific Private Money Group Raised $80 Million. The SEC Says Its Executives Ran a Ponzi-Like Scheme.

The SEC says Pacific Private Money Group raised more than $80 million from roughly 190 mostly retail investors, many of them retired seniors. Prosecutors say the story investors were sold was not the story their money got.

The SEC charged former CEO Mark D. Hanf and former COO Hoai-Nam Chu Phan with orchestrating an alleged Ponzi-like offering fraud.

The most frustrating part is always the same: the people closest to retirement get promised stability, then somebody sees their savings as a business opportunity.

Source: SEC, released today

RightOnly is where people can speak plainly about the stories the big platforms would rather bury.
Join RightOnly