San Francisco Giants pitcher Jake Peavy, Denver Broncos quarterback Mark Sanchez and former major-league hurler Roy Oswalt were defrauded of $30.4 million by their investment adviser, according to the Securities and Exchange Commission.
The agency said Ash Narayan ran a Ponzi-like scheme to swindle funds from the three athletes. Narayan wasn't been criminally charged but the SEC obtained a court order to freeze his assets as part of a lawsuit it filed in Dallas.
According to the SEC, Narayan told the three athletes he was using a low-risk investment strategy for their earnings but instead funneled their money into an online ticket business.
Narayan gained the trust of the players by appealing to their Christian faith, according to the lawsuit. He put their money into Ticket Reserve Inc., a company that was struggling financially in which he owned more than 3 million shares of stock.