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Mark Sanchez among athletes bilked out of millions in scheme
Denver Broncos quarterback Mark Sanchez was among several professional athletes who were reportedly bilked out of more than $30 million in a "Ponzi-like scheme."
Even worse, the man accused of cheating the athletes out of money was reportedly an NFLPA-approved financial advisor.
Sanchez, San Francisco Giants pitcher Jake Peavy and former Houston Astros pitcher Roy Oswalt were named by federal investigators as being the victims in the case, according to the Associated Press. An advisor, Ash Narayan, put more about $33 million of the athletes' money into a ticket business without their knowledge. Even worse, the lawsuit filed by the Securities and Exchange Commission against Narayan says he was given a $2 million finder's fee from the ticket company for directing the money its way. The ticket company, The Ticket Reserve, had lost money for four straight years.
"Narayan exploited athletes and other clients who trusted him to manage their finances. He fraudulently funneled their savings into a money-losing business and his own pocket," Shamoil T. Shipchandler, director of the SEC's Fort Worth regional office, said in a statement.
According to Vice.com, Narayan was listead as an NFLPA-approved financial advisor on its site. Vice reported that Sanchez directly deposited game checks into investment accounts managed by Narayan. Although Narayan claimed to be a certified public accountant, he never had a CPA Vice said.
According to the AP Sanchez said he agreed to make a $100,000 investment in the company but never would have invested more in what his statement said was "a risky investment." As part of the lawsuit, Peavy and Sanchez say they believe their signatures were forged by Narayan to transfer money from their accounts to the ticket business.
The AP reported $15.1 million was taken from Peavy, nearly $7.8 million from Sanchez and nearly $7.6 million from Oswalt. The players said they hired Narayan in part because "he represented himself as a devout Christian involved in charitable causes," the AP reported.
Denver Broncos quarterback Mark Sanchez was among several professional athletes who were reportedly bilked out of more than $30 million in a "Ponzi-like scheme."
Even worse, the man accused of cheating the athletes out of money was reportedly an NFLPA-approved financial advisor.
Sanchez, San Francisco Giants pitcher Jake Peavy and former Houston Astros pitcher Roy Oswalt were named by federal investigators as being the victims in the case, according to the Associated Press. An advisor, Ash Narayan, put more about $33 million of the athletes' money into a ticket business without their knowledge. Even worse, the lawsuit filed by the Securities and Exchange Commission against Narayan says he was given a $2 million finder's fee from the ticket company for directing the money its way. The ticket company, The Ticket Reserve, had lost money for four straight years.
"Narayan exploited athletes and other clients who trusted him to manage their finances. He fraudulently funneled their savings into a money-losing business and his own pocket," Shamoil T. Shipchandler, director of the SEC's Fort Worth regional office, said in a statement.
According to Vice.com, Narayan was listead as an NFLPA-approved financial advisor on its site. Vice reported that Sanchez directly deposited game checks into investment accounts managed by Narayan. Although Narayan claimed to be a certified public accountant, he never had a CPA Vice said.
According to the AP Sanchez said he agreed to make a $100,000 investment in the company but never would have invested more in what his statement said was "a risky investment." As part of the lawsuit, Peavy and Sanchez say they believe their signatures were forged by Narayan to transfer money from their accounts to the ticket business.
The AP reported $15.1 million was taken from Peavy, nearly $7.8 million from Sanchez and nearly $7.6 million from Oswalt. The players said they hired Narayan in part because "he represented himself as a devout Christian involved in charitable causes," the AP reported.
