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Another FA Sent to Jail for Scamming Pro Athletes

Former financial advisor Ash Narayan, 55, was sentenced to 37 months in federal prison for scamming several professional athletes, including ex-NFL quarterback Mark Sanchez, and MLB pitchers Jake Peavy and Roy Oswalt. So reports the Los Angeles Times.

Scam road sign 464653 1920The sentence comes after recent news that Phillip Kenner, a former financial advisor from Boston, was sentenced to 17 years in jail for defrauding several NHL stars, including Michael Peca, Darryl Sydor, Bill Ranford, Bryan Berard, and Sergei Gonchar.

Narayan had been an advisor at RGT Capital Management, based in the firm’s Irvine, CA office.

Last year, Narayan pleaded guilty to wire fraud and faking his tax returns. Prosecutors say Narayan also stole more than $30 million from the athletes. He has been ordered to pay $18.8 million in restitution.

Read the full article from Los Angeles Times.

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