Giants right-hander Jake Peavy and former big league right-hander Roy Oswalt were among several athletes defrauded in a "Ponzi-like" scheme, according to the Associated Press. Investment advisor Ash Narayan is at the center of the scheme.
Here are some more details from the AP:
The SEC says Narayan defrauded Peavy, Sanchez and retired Houston Astros pitcher Roy Oswalt out of $30.4 million by claiming he pursued a low-risk investment strategy for their earnings but instead put their money into a struggling online ticket business.
The Securities and Exchange Commission recently received a court order to freeze Narayan's assets. The SEC filed a lawsuit against Narayan last month, though he has not yet been charged criminally.
According to Baseball-Reference.com, Peavy has earned over $112 million in his career. Oswalt's career earnings come in at approximately $97 million. That doesn't make losing millions to Narayan's scheme insignificant. We're still talking about a ton of money.
Mets owners Fred and Jeff Wilpon were caught up in Bernie Madoff's Ponzi scheme years ago. They lost $500 million.
