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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. - JUAN A. LOZANO, Philadelphia AP", www.philly.com
"HOUSTON — 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. It also says he didn't tell them that The Ticket Reserve paid him nearly $2 million in finder's fees for directing their money to the company. Narayan stressed his 'Christian faith' and 'interest in charity' to gain their trust, according to a legal brief in the case", nypost.com
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