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Broncos QB Mark Sanchez among athlete victims in 'Ponzi-like' scheme,Demaryius Thomas Jersey SEC alleges An investment adviser is accused in a federal agency's lawsuit of cheating Denver Broncos quarterback Mark Sanchez and other pro athletes out of millions of dollars in what officials described as a 'Ponzi-like' scheme. The U.S. Securities and Exchange Commission sued California-based adviser Ash Narayan,Rolando McClain Jersey formerly of RGT Capital Management, in federal court in Dallas. The suit, filed May 24,Olivier Vernon Jersey was unsealed Tuesday. The SEC also moved to freeze Narayan's assets. Other alleged victims are former Colorado Rockies pitcher Roy Oswalt and San Francisco Giants pitcher Jake Peavy. In its fraud complaint ( download here),Richard Rodgers Jersey the SEC accuses Narayan -- then a California-based executive of Texas-based RGT -- of steering a combined $30.5 million of his three sports clients' investments to a struggling Illinois-based ticket-sales company called The Ticket Reserve Inc., also known as Forward Market Media Inc.Jonathan Stewart Jersey But, according to the SEC, while his sports clients wanted "safe, conservative investments,Cyrus Jones Jersey" Narayan didn't reveal to them that The Ticket Reserve was financially distressed, that he served on its board and owned a large portion of its stock. The suit alleges Narayan received almost $2 million in undisclosed finders fees. In all,Doug Baldwin Jersey about $33 million of Narayan's clients' money went to The Ticket Reserve, the suit claims. The SEC complaint says "Ponzi-like payments" were made " in order to hide [The Ticket Reserve's] huge losses from Narayan's clients." The agency says that when Narayan was fired from his investment firm in February of this year,James Harrison Jersey "Narayan is alleged to have been redirecting to The Ticket Reserve the sham fees he received out of the money taken from client accounts." Ticket Reserve CEO Richard Harmon and COO John Kaptrosky were also named in the federal fraud complaint, and the agency appointed a receiver to oversee their company. The SEC said it "seeks disgorgement of ill-gotten gains plus interest and penalties as well as preliminary and permanent injunctions.AJ McCarron Jersey" “We allege that 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,Chandler Jones Jersey director of the SEC’s Fort Worth Regional Office, said in a statement. “The asset freeze stops the uncontrolled spending of investor assets within The Ticket Reserve until the case is resolved, preserving money that rightfully belongs to Narayan’s clients.”