QB Mark Sanchez, MLB players victims of elaborate fraud scheme.
Denver Broncos quarterback Mark Sanchez, along with MLB pitcher Jake Peavy and former big leaguer Roy Oswalt, had millions stolen from them by a fraudulent financial advisor, Bloomberg.com reported.
The three athletes were victims to a "Ponzi-like scheme." The report said a financial advisor targeted each of them for their Christian faith and and various charity endeavors.
According to the U.S. Securities and Exchange Commission lawsuit filed in Dallas, close to $30 million were stolen from Sanchez, Peavy and Oswalt by a broker named Ash Narayan.
The SEC claimed Narayan took the players' money and invested it into The Ticket Reserve Inc., a company that allowed fans to reserve tickets to events where the teams had yet to be determined.
However, the business was in a downward spiral and Narayan allegedly forged the players' requests for modest investments to more aggressive ones to keep the company afloat.
Sanchez said he agreed to invest $100,000 into The Ticket Reserve in 2009 after meeting Narayan at a church in California. However, Narayan forged documents so that Sanchez put in more than $7 million.
Peavy had roughly $15 million invested into the company without his permission and Oswalt said about $7 million of his funds were invested without his consent.
Peavy said Narayan promised to repay him all his investments in March, but he has yet to see any money.
Denver Broncos quarterback Mark Sanchez, along with MLB pitcher Jake Peavy and former big leaguer Roy Oswalt, had millions stolen from them by a fraudulent financial advisor, Bloomberg.com reported.
The three athletes were victims to a "Ponzi-like scheme." The report said a financial advisor targeted each of them for their Christian faith and and various charity endeavors.
According to the U.S. Securities and Exchange Commission lawsuit filed in Dallas, close to $30 million were stolen from Sanchez, Peavy and Oswalt by a broker named Ash Narayan.
The SEC claimed Narayan took the players' money and invested it into The Ticket Reserve Inc., a company that allowed fans to reserve tickets to events where the teams had yet to be determined.
However, the business was in a downward spiral and Narayan allegedly forged the players' requests for modest investments to more aggressive ones to keep the company afloat.
Sanchez said he agreed to invest $100,000 into The Ticket Reserve in 2009 after meeting Narayan at a church in California. However, Narayan forged documents so that Sanchez put in more than $7 million.
Peavy had roughly $15 million invested into the company without his permission and Oswalt said about $7 million of his funds were invested without his consent.
Peavy said Narayan promised to repay him all his investments in March, but he has yet to see any money.
