Ex-Financial Advisor Who Stole $30 million From Pro Athletes Sentenced to Prison NBC Los Angeles

A former Southern California monetary adviser who stole tens of millions of {dollars} from skilled athletes amongst his clientele was sentenced Friday to greater than three years in federal jail.

Ash Narayan, 55, of Irvine obtained the 37-month sentence and was ordered to pay $18.eight million in restitution, the U.S. legal professional’s workplace stated in a press release.

Prosecutors contend that Narayan stole greater than $30 million in financial savings from professional athletes together with San Francisco Giants pitcher Jake Peavy, Denver Broncos quarterback Mark Sanchez and retired Houston Astros pitcher Roy Oswalt.

Narayan pleaded responsible final 12 months to wire fraud and subscribing to a false tax return.

Narayan was an funding advisor at RGT Capital Administration Ltd.’s Irvine workplace, the place his purchasers had been high-net-worth people who had been present and former skilled athletes,” the U.S. legal professional’s workplace assertion stated.

Prosecutors stated that from December 2009 to early 2016, he suggested his purchasers to spend money on a money-losing on-line sports activities and leisure ticket firm in Illinois with out telling them that he was on the board, or that it was a dangerous and unprofitable enterprise.

Narayan additionally typically directed RGT staff to forge his purchasers’ signatures on authorizations to switch funds to The Ticket Reserve, Inc., which went into receivership a authorized motion during which a court docket appoints a receiver to handle a enterprise whereas the court docket tries to resolve issues that would spoil the enterprise, comparable to insolvency in 2016, authorities stated.

— to www.nbclosangeles.com

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