Mark D. Hanf and Hoai-Nam Chu Phan a/k/a Nam Phan

Positives

• SECURITIES AND EXCHANGE COMMISSION Litigation Release No.
• 1, 2026) SEC Charges San Francisco Bay Area Private Fund Executives with Multimillion Dollar Ponzi-Like Scheme On September 1, 2026, the Securities and Exchange Commission charged Mark D.
• According to the SEC’s complaint, from approximately December 2021 to November 2025, Hanf and Phan, also known as Nam Phan, misrepresented to investors in two of PPMG’s private funds that investor capital would be used to originate or purchase loans secured by real estate, and that investors could expect to receive preferred or fixed rates of return from the funds’ real estate lending activities.
• However, as alleged, Hanf and Phan regularly used new investor capital to make Ponzi-like payments to prior investors during this timeframe, and the returns that Hanf and Phan touted were sourced largely from new investor money rather than from any fund earnings connected with their real estate lending business.