According to the Securities Exchange Commission, the U.S. government has frozen the assets of investment advisor Ash Narayan. Narayan is an NFL Players Association-approved advisor to some big names not only in the NFL, but the MLB, too.
Narayan is being accused of stealing more than $30 million from Denver Broncos quarterback Mark Sanchez, San Francisco Giants pitcher Jake Peavy, and Colorado Rockies pitcher Roy Oswalt. Peavy would take the biggest hit, as he lost more than $15 million. Narayan allegedly did this by investing more in companies than the athletes had agreed to. Oswalt agreed to invest $300,000 in a company named TTR, but Narayan would instead take $7 million from his account.
Narayan allegedly covered up these withdrawals with newer proceeds, effectively engaging in Ponzi-like schemes, reports Vice Sports.
In February, Oswalt found out about all his account’s deductions and immediately called his old teammate Peavy to inform him. It’s unclear how Sanchez found out about the alleged scheme.
To read the rest of the in-depth investigation, head on over to Vice Sports.
Mark Sanchez & Other Athletes Cheated Out Of $30 Million By Investment Adviser was originally published on theurbandaily.com