Broncos quarterback Mark Sanchez and other professional athletes said they were cheated out of millions of dollars in a Ponzi-like scheme orchestrated by an investment adviser who appealed to their Christian faith.
Sanchez, San Francisco Giants pitcher Jake Peavy and former Rockies pitcher Roy Oswalt were defrauded out of about $30 million, according to a recently unsealed U.S. Securities and Exchange Commission lawsuit in Dallas federal court. The athletes all used the same broker, Ash Narayan, formerly of RGT Capital Management. The adviser gained their trust through religion and their interest in charitable works, the SEC said.
Narayan concealed multiple conflicts of interest from investors, the SEC said in its lawsuit against him. He directed the athletes’ cash to The Ticket Reserve Inc., which allows fans to reserve face-value tickets to sporting events where the teams have yet to be determined, the SEC said. He was on the company’s board of directors, owned more than 3 million shares and was its primary fundraiser — raising more than 90 percent of the company’s investment capital, the agency said.