A financial advisor in California is going to jail for 37 months for stealing more than 30 million dollars from his pro athlete clients and filing false tax returns. Ash Narayan used the stolen funds to invest in The Ticket Reserve, a ticket selling company that was never profitable.
From 2009 to 2016, Narayan advised his clients to invest in The Ticket Reserve, but failed to disclose to them that he was on the company’s board of directors, or that it was a risky investment and an unprofitable business. At other times he instructed employees to forge his clients’ signatures on wire transfers without the clients’ consent.
Some of the athletes Narayan stole funds from include San Francisco Giants pitcher Jake Peavy, Denver Broncos quarterback Mark Sanchez and retired Houston Astros pitcher Roy Oswalt.
In 2012 alone Narayan reported income of $543,072 when he should have reported $1,138,072. In addition to the prison sentence, Narayan was ordered to pay $18,811,231 in restitution.