The Securities and Exchange Commission has filed a complaint against financial adviser Ash Narayan, alleging he used forged or unauthorized signatures to move millions of dollars out of athletes’ accounts, according to the SEC’s statement.
The SEC alleges that Narayan put the money into The Ticket Reserve, an online ticket company where he sat on the board. According to the SEC, he earned about $2 million from the company. These are allegations, and the case had not been decided at the time of this report.
The SEC’s filing lists the athletes it says were affected and the amounts:
San Francisco Giants pitcher Jake Peavy: $15.1 million
Denver Broncos quarterback Mark Sanchez: $7.8 million
Former MLB pitcher Roy Oswalt: $7.6 million
Analyst and former NBA player Austin Croshere: $125,000
Colorado Rockies pitcher Tyler Matzek: $25,000
The SEC also says the company’s CEO, Richard Harmon, and COO, John Kaptrosky, knew about the arrangement and paid Narayan finder’s fees with the money. Both are named in the SEC’s allegations.
Peavy, Sanchez and Oswalt said they trusted Narayan because he had worked with other athletes and helped them set up their investment accounts.
This past Wednesday, the NFL Players Association sent a warning letter to players and suspended Narayan as a registered financial adviser for the union.
