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"HOUSTON (AP) — Several professional athletes, including San Francisco Giants pitcher Jake Peavy, Denver Broncos quarterback Mark Sanchez and retired Houston Astros pitcher Roy Oswalt, were cheated out of more than $30 million by an investment adviser in a Ponzi-like scheme, federal investigators said Tuesday. In a lawsuit filed last month in Dallas federal court, the Securities and Exchange Commission alleges that Ash Narayan told his clients he was pursuing a low-risk investment strategy for their money but actually put more than $33 million of it into an Illinois-based online sports and entertainment ticket business, The Ticket Reserve, that had lost money for the last four years. The SEC's lawsuit alleges that Narayan, The Ticket Reserve, the ticket company's CEO, Richard Harmon, and its chief operating officer, John Kaptrosky, violated antifraud provisions of federal securities laws and a related SEC antifraud rule, and accuses Narayan of violating the antifraud", www.fairfieldcitizenonline.com
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