WASHINGTON – The NLF Players Association has indefinitely suspended the registration of a financial adviser accused of cheating several professional athletes out of millions of dollars in a Ponzi-like scheme.
The move Wednesday by the NFLPA comes a day after the Securities and Exchange Commission announced that it had obtained a court order freezing Ash Narayan’s assets.
The SEC alleges in a federal lawsuit filed last month in Dallas that Narayan secretly siphoned millions of dollars from accounts he managed for professional athletes and invested them in a struggling online sports and entertainment ticket business on whose board he served. No criminal charges have been filed.
Denver Broncos quarterback Mark Sanchez, San Francisco Giants pitcher Jake Peavy and retired Houston Astros pitcher Roy Oswalt were among the athletes cheated out of more than $30 million.