WASHINGTON — The NFL Players Association on Wednesday suspended the registration of a financial adviser accused of cheating several professional athletes, including Denver Broncos quarterback Mark Sanchez, out of millions of dollars in a Ponzi-like scheme.
The move comes a day after the Securities and Exchange Commission announced that it had obtained a court order freezing the assets of Ash Narayan, who previously was approved to advise NFL players on investments.
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.