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"We've got a friend in common, and his name is Jesus": Money Manager's Pitch When Scamming Mark Sanchez And Co

JC would probably not have been cool with this instance of name dropping.
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By Ed Yourdon [CC BY-SA 2.0], via Wikimedia Commons

Photo: Ed Yourdon, via Wikimedia Commons

As many of you know, business, like so many other industries, is about relationships and trust. The person we decide to trust with our money should have a great track record, of course, but a lot of people also like the extra level of comfort that comes from having a friend or business associate in common, who can vouch for the guy or girl we've entrusted with our capital, whether it's a college roommate's father or brother-in-law's best man. Finding common ground among hobbies, pastimes, and passions also helps, and if you can credibly claim to have a shared love of collecting vintage monocles, you're often in. Take Ash Narayan, for example: once he realized Mark Sanchez and a bunch of other current and former athletes had a thing for Christianity, all it took was a (paraphrasing/wild guessing) "You love Jesus? I love Jesus too!" here and a (paraphrasing/wild guessing) "JC and me, we go way back; hoo-boy, I could tell you some stories" there and boom: $30 million to invest as he saw fit.

Sanchez, Jake Peavy and Roy Oswalt, were defrauded out of about $30 million, according to a recently unsealed U.S. Securities and Exchange Commission lawsuit in Dallas federal court. The athletes all used the same broker, Ash Narayan, formerly of RGT Capital Management. The adviser gained their trust through religion and their interest in charitable works, the SEC said. Narayan concealed multiple conflicts of interest from investors, the SEC said in its lawsuit against him. He directed the athletes’ cash to The Ticket Reserve Inc., which allows fans to reserve face-value tickets to sporting events where the teams have yet to be determined, the SEC said...All three athletes sought low-risk, conservative investment strategies, the SEC said. Narayan ignored their requests and instead invested in TTR even as the company’s financial conditions were in distress.

Ex-Jet QB Sanchez Among Athletes Cheated in Investment Fraud [Bloomberg]