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Mark Sanchez, Jake Peavy, Roy Oswalt Allegedly Victims of Ponzi Scheme

Tyler Conway@jtylerconwayFeatured ColumnistJune 21, 2016

Denver Broncos quarterback Mark Sanchez during an NFL football practice at the team's headquarters Tuesday, June 7, 2016, in Englewood, Colo. (AP Photo/David Zalubowski)
David Zalubowski/Associated Press

Denver Broncos quarterback Mark Sanchez, San Francisco Giants pitcher Jake Peavy and former All-Star pitcher Roy Oswalt were defrauded out of approximately $30 million as part of a Ponzi scheme, according to the U.S. Securities and Exchange Commission. 

Matt Robinson of Bloomberg News reported the story Tuesday, based on an SEC lawsuit filed in Dallas. The SEC alleges Ash Narayan illegally funneled millions of funds into The Ticket Reserve Inc., using their Christian faith to gain trust. 

“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,” said Shamoil T. Shipchandler, who runs the SEC’s Fort Worth office.

The Ticket Reserve was a company that promised fans an opportunity to preorder tickets to events at face value. These were typically sporting events like the Super Bowl, where the participants were to be determined. 

According to the report, Narayan turned a $100,000 commitment from Sanchez into a $7 million investment through forged documents.

He stole $15 million from Peavy, accounting for the "vast majority" of the pitcher's capital. Peavy has earned more than $128 million in his career, according to Spotrac. In addition, Narayan funded the account with $7 million of Oswalt's money, and Robinson reported Narayan handled 80 percent of the pitcher's game checks at one point.

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RGT Capital Management, Narayan's former employer, is suing him for misallocation of assets. He allegedly made nearly $2 million off more than $33 million in illegal funds invested in TTR.

 

Follow Tyler Conway (@jtylerconway) on Twitter.

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