Denver Broncos quarterback Mark Sanchez and other professional athletes were cheated out of millions of dollars in a Ponzi-like scheme orchestrated by an investment adviser who appealed to their Christian faith.
Sanchez, 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. 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.
Narayan concealed multiple conflicts of interest from investors, the SEC said in its lawsuit against him.