At five in the morning on Tuesday, August 23, police in Sao Paolo raided Philip Han’s opulent condo.
Estadio (paywall) has revealed that Han and his wife Carla Moreira Han are suspected of
the act of money laundering and financial pyramiding carried out by asset managers who operate across the nation without a license.
I think the accusations correspond to Brazil’s comparable criminal laws for securities fraud and wire fraud.
Authorities in Sao Paulo claim Han participated in six MLM Ponzi schemes over nine years, including MyHash, FX Trading Corp., Mr. Link, iFreex, WCM777, and Mr. Link.
Early to mid-2021 saw the downfall of Han’s most recent con, My Hash.
The voyage of these firms always concluded with investors filing police reports because they believed they had been the victims of theft, according to the investigators.
According to reports, the criminal investigation on Han by Brazil started in 2019. An effort to launch a case against Han was unsuccessful in 2020 in Sao Paulo because of “inconsistencies” in the evidence that was given.
The case file’s supporting documentation was insufficient to show that the people in charge of the under investigation firms were part of a criminal organization or that the behavior they engaged in was supported by methods of money laundering.
I’m not sure what proof was offered, but Brazilian officials made a major mistake there.
In any case, it appears that authorities kept looking into Han, which prompted the Tuesday raid.
Han hasn’t been detained yet, as far as I know. Estadao was unable to get in touch with Han and his wife for comment.