Mark Sanchez, Jake Peavy Among Professional Athletes That Lost Millions In A Ponzi Scheme. | Gradient
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Mark Sanchez, Jake Peavy among professional athletes that lost millions in a Ponzi scheme.

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Jake Peavy is a three-time All-Star, owns a Cy Young Award (the highest accolade given to pitchers) alongside two World Series championships. He’s also among the worst pitchers in the league, holding a 5.47 ERA, the fourth-worst among qualifying players. Not to mention, Peavy is 35 and his fastball averages 88.8mph, his lowest ever according to Fangraphs. So if he’s inching past his prime, why not retire? Oh. Ouch.

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 past four years. It also says he didn’t tell them that The Ticket Reserve paid him nearly $2 million in finder’s fees for directing their money to the company.

“Narayan exploited athletes and other clients who trusted him to manage their finances. He fraudulently funneled their savings into a money-losing business and his own pocket,” Shamoil T. Shipchandler, director of the SEC’s Fort Worth regional office, said in a statement.

The scheme effected Denver Broncos quarterback Mark Sanchez, retired All-Star pitcher Roy Oswalt, and Peavy, who lost $15.1 million to Narayan’s exploitative scheme.

According to court documents, Narayan directed more than $30.4 million into the ticket business from three current and former athletes: $15.1 million from Peavy; nearly $7.8 million from Sanchez; and nearly $7.6 million from Oswalt.

Peavy said he had been working to set aside $20 million for after his playing days were over.

“Between 2011 and 2016, Narayan invested approximately $15 million of my funds in [the ticket business] without my authorization. This represents the vast majority of the personal funds that Narayan managed for me. … To date, I have yet to receive a return on any of my funds used to invest in” the ticket business, Peavy said.

While the losses aren’t quite Wilpon/Madoff “Hey, maybe we should sell our billion dollar franchise?” bad, it sure might be play-past-well-past-your-athletic-ability-to-keep-your-retirement-plan bad. Hopefully, Sanchez, Peavy, Oswalt, and anyone else bilked by Narayan can get what’s due.

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New Pod Flow: Sounds Good With Branden Harvey “Jason Russell”

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Jason is the cofounder of the iconic non-profit Invisible Children which was founded to increase awareness of the horrendous activities of the LRA in Central Africa. Jason was also the director of the iconic Kony 2012 film that took the world by storm. In this two-part interview Jason and Branden talk about what it means to create a movement, what Jason experienced during his breakdown and subsequent recovery, and Jason’s experience in the world of theater.

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United gets their cheap on, fake news, and Trump hired who?

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Welcome to Episode IV. This week, Dan spends some time with his favorite singer/songwriter, Matthew Perryman Jones. Matthew and Dan talk about panic attacks, growing up in Atlanta, the way music is informed by pain and suffering and the way music gives freedom.

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To get his new album Cold Answer, (which features the three songs from him you heard on this episode), visit MPJmusic.com.

Subscribe on iTunes.

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Subscribe on iTunes and Stitcher.

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We appreciate everyone sticking with us through this long hiatus but are planning our return even as we speak, with a bunch of new goodies and an updated format. In the meantime, here’s a brief primer on Marvel’s Sorcerer Supreme, Doctor Strange — just so you can go into the movie knowing what you’re getting yourself into.

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