May, 2016 The Securities and Exchange Commission (SEC) has made allegations that a Pittsburgh-based financial advisor victimized several professional athletes. Blazer Capital Management, founded by Louis Martin (Marty) Blazer III, marketed itself as a financial services advisory firm that specialized in handling the needs of high net worth, high profile, individuals. Also in 2016 an NFLPA Approved Financial Advisor Stole $30 Million From Mark Sanchez, Jake Peavy, and Roy Oswalt
At the beginning of their respective careers, Roy Oswalt, Jake Peavy, and Mark Sanchez all did the right thing. Knowing the bulk of their lifetime earnings would come in the next few years, they sought a financial advisor to help them save and invest their money in low-risk, conservative investments.
In Ash Narayan, they thought they found someone who was the perfect financial advisor: a fellow Christian who shared their values and understood their long-term strategy, and had been vetted and approved by the NFL Players Association. Sanchez even attended the same church as him. Oswalt, who was introduced to Narayan through his agent, put as much as 80 percent of his salary into a brokerage account managed by Narayan. Peavy and Sanchez also put significant portions of their salaries in Narayan’s hands. Through the NFL, Sanchez had his game checks direct deposited into investment accounts managed by Narayan. It was exactly what they were supposed to be doing with their money. Don’t spend it, save it.
On June 22 2016, the NFLPA Security issued a fraud alert for Ash Narayan, suspending his registration with the NFLPA financial advisor program “immediately and indefinitely.”