a blog by La Kifo
Mark Sanchez was one of a few athletes who were duped in a Ponziesque scheme. An NFLPA approved financial advisor funneled around $33 million into a ticket business, $2 million of which went straight to Ash Narayans pocket as some sort of finders fee without his clients knowledge. The New York Post reported Sanchez lost $7.8 million to this nefarious fiend.
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 exploited athletes and other clients who trusted him to manage their finances. He fraudulently funneled their savings into a money-losing business and his own pocket," Shamoil T. Shipchandler, director of the SEC's Fort Worth regional office, said in a statement.
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 provisions of the Investment Advisers Act of 1940.
Looks like Mark Sanchez just butt fumbled his money away.
Now begins the onslaught of Mark Sanchez jokes. If you asked me 5 years ago what was going to happen to Mark Sanchez, I probably would have said Fuck Mark Sanchez. The times have changed though. Mark Sanchez is a legend and losing his money in a Ponzi Scheme is the most football thing he has ever done.
From now on, we will remember this guy not only as the man who ruined the Jets but the guy who lost all his money to someone who was named after the main character in Pokemon.
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