Bleacher Report: Players Need to Be Careful with Their Money.

[weams]

http://bleacherreport.com/articles/2756799

Three years into his career, Peavy says he had saved up $1 million and invested it with a big, well-established investment firm. But as time went on, he never felt like there was a personal connection. So he began searching, and what he found was a financial advisor who appeared to share his values: Christian, charitably inclined, family man. An elder-statesman teammate of Peavy's at the time, Mark Loretta, used him. So, too, did one of Peavy's buddies from Mississippi, pitcher Roy Oswalt.

Ash Narayan was deeply involved with the Fellowship of Christian Athletes, and Peavy remembers that in their first email exchange, there was some reference to a child in need Narayan helped. Perfect, Peavy thought.

Narayan regularly organized Christian-based father-son retreats. In 2007, Peavy joined him as part of a missionary group that traveled to the Dominican Republic. Narayan spent time with Peavy and his family at the Southern Falls ranch.

"Before this happened, if you asked me about the most positive person in my life, it would have been Ash," Peavy says. "He didn't speak a cuss word."

Over in the shadows, though, unbeknownst to Peavy and several other athletes—including Oswalt and NFL quarterback Mark Sanchez—things weren't as they seemed. And the Feds were hot on the trail. The Securities and Exchange Commission filed suit in May 2016, alleging that Narayan put more than $33 million of his clients' money into an Illinois-based online sports and entertainment ticket business while portraying a low-risk investment strategy to them. The SEC also asserted that The Ticket Reserve paid Narayan nearly $2 million in finder's fees to steer that money its way.


"He told me what happened, and I almost threw up," says Tim Flannery, a mentor throughout much of Peavy's career both as a coach in San Diego and San Francisco and as a musician. "For that to happen to someone like Jake, who had given so much, who had made enough for himself and his family to be set up…it crushed me."

The SEC suit played out in a Dallas courtroom throughout the '16 season. Peavy, who also learned that Narayan additionally had taken out some $5 million or more in loans in Peavy's name, was required to fly in several times. Sometimes it would be during an off day between starts. At least once, he wound up flying from Dallas to San Francisco on the day of one of his starts. Ultimately, all of the numbers were a horror show.

Careers are short. 

[allquixotic]

If the SEC is nailing that guy to the wall in court, surely they can get at least some substantial recompense for Peavy and the other athletes he conned?

[Can_of_corn]

6 minutes ago, allquixotic said:

If the SEC is nailing that guy to the wall in court, surely they can get at least some substantial recompense for Peavy and the other athletes he conned?

The article said half.