On Tuesday, August 23, at 5:00 a.m., police in Sao Poalo raided Philip Han’s opulent condo. According to Estadio (paywall), Han and his wife, Carla Moreira Han, are suspected of committing a crime.
Financial pyramiding and money laundering through asset managers operating without a license across the nation are rampant.
I believe the charges are equal to wire fraud and securities fraud under Brazilian law. Sao Paulo authorities suspect Han’s participation in six MLM Ponzi schemes spanning nine years: WCM777, Mr. Link, iFreex, FX Trading Corp, F2 Trading Corp, and MyHash.
Han’s last scheme, My Hash, failed between the beginning and middle of 2021.
According to the investigators, the trips of these firms always concluded with investors filing police reports because they perceived themselves to be embezzlement victims.
According to reports, Brazil’s criminal probe into Han began in 2019. A judge in Sao Paulo denied a prosecutor’s efforts to pursue charges against Han in 2020, citing “inconsistencies” in the evidence given.
The evidence included in the case file was insufficient to prove that the people responsible for the investigated companies were part of a criminal organization or that their actions were supported by money-laundering techniques.
I do not know what proof was given, but this is a significant error on the part of Brazilian authorities. Regardless, it appears authorities continued to investigate Han, leading to Tuesday’s raid.
According to my knowledge, Han has not yet been detained. It was impossible to reach Han and his wife for comment.