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.
The World's Highest-Paid Athletes
1. Floyd Mayweather Jr.Source:Getty 1 of 20
2. Manny PacquiaoSource:Getty 2 of 20
3. Cristiano RonaldoSource:Getty 3 of 20
4. Lionel MessiSource:Getty 4 of 20
5. Roger FedererSource:Getty 5 of 20
6. LeBron JamesSource:Getty 6 of 20
7. Kevin DurantSource:Getty 7 of 20
8. Phil MickelsonSource:Getty 8 of 20
9. Tiger WoodsSource:Getty 9 of 20
10. Kobe BryantSource:Splash News 10 of 20
11. Ben RoethlisbergerSource:Getty 11 of 20
12. Rory McIlroySource:Getty 12 of 20
13. Novak DjokovicSource:Getty 13 of 20
14. Zlatan IbrahimovicSource:Getty 14 of 20
15. Lewis HamiltonSource:Splash 15 of 20
16. Ndamukong SuhSource:Getty 16 of 20
17. Fernando AlonsoSource:Getty 17 of 20
18. Gareth BaleSource:Getty 18 of 20
19. Jon LesterSource:Getty 19 of 20
20. Derrick RoseSource:Getty 20 of 20
Mark Sanchez & Other Athletes Cheated Out Of $30 Million By Investment Adviser was originally published on theurbandaily.com