One day after a huge story broke about how Ash Narayan scammed Mark Sanchez and others out of $30 million, the NFLPA has suspended him indefinitely.
As detailed by Vice.com, Narayan was approved to advise NFL players by the NFLPA and was still listed as of Tuesday as an NFLPA-approved advisor. No longer.
Financial advisor Ash Narayan suspended indefinitely by NFLPA. Allegedly stole millions of dollars including $7 million from Mark Sanchez
— Aaron Wilson (@AaronWilson_NFL) June 22, 2016
Among other things, Narayam is being investigated by the SEC for fraud and for forging documents.
Sanchez, along with San Francisco Giants pitcher Jake Peavy and former MLB pitcher Roy Oswalt were cheated out of millions of dollars in what is being described as a “Ponzi-like scheme.”
“Sanchez, and major league baseball pitchers Jake Peavy and 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,” per Matt Robinson of Bloomberg News. “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.”
As if that weren’t bad enough, Narayan apparently gained the trust of these professional athletes by appealing to their Christian values and even attended the same church as Sanchez.
Needless to say, Narayan won’t likely be ever trusted to manage money again, and based on the charges levied against him, he might be incarcerated for his actions for a long time.