SEC Targets Ponzi-Scheme De-frauding Professional Athletes

The Securities and Exchange Commission obtained a court order freezing the assets of an investment advisor, Ash Narayan, The Ticket Reserve Inc., CEO Richard M. Harmon, and COO John A. Kaptrosky and charged them with secretly siphoning $33 million from accounts Narayan managed for professional athletes and investing them in a struggling online sports and entertainment ticket business on whose board he served. Narayan also took at least $2 million in hidden compensation from Ticket Reserve traceable to funds he stole from his clients in the ponzi-like scheme. Click here to read more.