Pacific Private Money Files for Bankruptcy | San Jose News

Pacific Private Money, a Novato-based investment firm with 13 affiliated companies, has filed for Chapter 11 bankruptcy amid a flood of lawsuits and federal investigations. With assets and liabilities estimated between $10M and $50M and over 100 listed creditors—possibly as many as 600, including elderly investors—the company’s collapse stems from a failed short-term mortgage business crippled by rising interest rates. Investors are suing for their money, including a $4.6M claim against founder Mark Hanf and COO Nam Phan, while some creditors are cutting losses. The California regulator has already suspended its license, and the SEC and FBI are probing allegations that funds were diverted for personal gain. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/0af0ebdb4fd424fc