WASHINGTON (AP) The NLF Players Association has indefinitely suspended the registration of a financial adviser accused of cheating several professional athletes out of millions of dollars in a Ponzi-like scheme.
The move Wednesday by the NFLPA comes a day after the Securities and Exchange Commission announced that it had obtained a court order freezing Ash Narayan's assets.
The SEC alleges in a federal lawsuit filed last month in Dallas that Narayan secretly siphoned millions of dollars from accounts he managed for professional athletes and invested them in a struggling online sports and entertainment ticket business on whose board he served. No criminal charges have been filed.
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Denver Broncos quarterback Mark Sanchez, San Francisco Giants pitcher Jake Peavy and retired Houston Astros pitcher Roy Oswalt were among the athletes cheated out of more than $30 million.