Mark Sanchez's on-field decision-making hasn't been a strength in his seven-year NFL career. It appears his investment choices off it aren't, either.
Recently unsealed SEC documents reveal Sanchez, the former No. 6 overall and current frontrunner to be the Broncos starting quarterback, was one of three famous athletes victimized by a ponzi-like scheme a few years ago. The trio was taken for more than $30 million, investmentnews.com reported Tuesday.
Sanchez, Jake Peavy and Roy Oswalt were clients of Ash Narayan, formerly of RGT Capital Management, who earned the trust of the athletes namely because of their Christian faith and philanthropic work, according to the SEC.
Seeking conservative investments, Sanchez and the others instead had their assets allocated toward Ticket Reserve Inc., of which Narayan owned 3 million shares and was the primary investor.
In May 2014, according to the report, the CEO of Ticket Reserve Inc. wrote to Narayan in an email, "to be sure our revenue sucks. Our balance sheet is a disaster." Thus, the SEC alleges Narayan ignored several conflicts of interest for its investors.