HOUSTON — Several professional athletes, including Denver Broncos quarterback Mark Sanchez, San Francisco Giants pitcher Jake Peavy and retired Houston Astros pitcher Roy Oswalt, were cheated out of more than $30 million by an investment adviser in a Ponzi-like scheme, federal investigators said Tuesday.
In a lawsuit filed last month in Dallas federal court, the Securities and Exchange Commission alleges that Ash Narayan told his clients he was pursuing a low-risk investment strategy for their money but actually put more than $33 million of it into an Illinois-based online sports and entertainment ticket business, The Ticket Reserve, that had lost money for the last four years.