On Tuesday, August 23rd, police stormed Philip Han’s upscale condo in Sao Poalo around 5 a.m.
According to Estadio (paywall), Han and his wife Carla Moreira Han are accused of
financial pyramiding and money laundering through asset managers that operate around the nation without a license
I believe the allegations are identical to wire fraud and securities fraud in Brazil.
Authorities in Sao Paulo accuse Han of participating in six MLM Ponzi schemes over a nine-year period, including WCM777, Mr. Link, iFreex, FX Trading Corp, F2 Trading Corp, and MyHash.
Han’s last fraud, My Hash, failed in early to mid-2021.
According to the investigators, these firms’ journeys typically concluded with investors filing police reports because they saw themselves to be victims of misappropriation.
Brazil’s criminal probe into Han is said to have started in 2019. In 2020, a judge in Sao Paulo barred prosecutors from bringing a prosecution against Han, citing “inconsistencies” in the information offered.
The material attached to the case file was insufficient to establish that individuals responsible for the examined firms constituted a criminal organization or that the behavior was substantiated in money laundering tactics.
I’m not sure what proof was presented, but that’s a major blunder by Brazilian authorities.
In any case, it appears that authorities continued to investigate Han, culminating to the Tuesday raid.
Han, as far as I know, has yet to be arrested. Estadao’s attempts to reach Han and his wife for comment were futile.