Security
SEC Ponzi Scheme Charges Reveal $121M Fraud, Only $17M Recoverable
The Cryptonomist·September 2, 2026·1 min read
The SEC charged two former lending firm executives, Mark D. Hanf and Hoai-Nam Chu Phan, with running a Ponzi-like scheme that defrauded roughly 190 retail investors of over $80 million. Total fraud is estimated at $121 million, with only $17 million recoverable, draining retirement savings.
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