June 21, 2016

Bad Investments

Jake Peavy and Roy Oswalt were two athletes that may have lost millions of dollars to investment fraud:

On Tuesday, the secret was revealed when the Securities and Exchange Commission said it filed suit in U.S. District Court in Dallas seeking to freeze the assets of the adviser, Ash Narayan, and recoup more than $33 million he allegedly took from three professional athletes under the fraudulent fraudulent scheme.

Bloomberg News reported the athletes were Peavy, retired pitcher Roy Oswalt and NFL quarterback Mark Sanchez. The trio invested $30.4 million with Narayan and paid him another $1.7 million in fees, according to the civil filing.

Peavy would not discuss specifics of the case, saying he was bound to confidentiality, but revealed that he left the team briefly to provide a deposition and admitted the potential loss of millions distracted him at times on the field. He said he learned about the alleged fraud and money loss on the first day of spring training.

Seems like the trio would make good owners of the Mets.

2 thoughts on “Bad Investments

  1. rbj

    Ouch, David.

    Which leads to an idea kicking around my head. College athletes in certain sports, such a football, basketball and baseball should be allowed a non traditional curriculum, focusing on contracts and smart investing. I don’t expect a discourse on Shakespeare from them.

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  2. pft

    Well, hopefully some of that’s recovered. Some of the biggest crooks around do their work cloaked in a shroud of religious piety. Jake should know better. With that kind of money you just have to prevent loss due to inflation and there are many safe ways to do so, but Jake obviously got greedy

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