Ash Narayan Sentenced to 37 months and ordered to pay $18,811,231 in restitution
Financial advisor and lawyer, Ash Narayan, was reportedly sentenced today to 37 months in federal prison for allegedly stealing millions of dollars of his pro athlete clients’ money and purportedly investing it in a cash-losing ticket company on which he was a board member.
United States District Judge Josephine L. Staton reportedly sentenced Narayan and also ordered him to pay $18,811,231 in restitution. Narayan pleaded guilty in June 2019 to two-counts charging him with wire fraud and subscribing to a false tax return.
Narayan was a registered investment advisor at RGT Capital Management Ltd. and also was a licensed California lawyer until he was disbarred earlier this year. At RGT, Narayan’s clients were high-net-worth individuals who were current and former professional athletes.
From December 2009 to early 2016, Narayan reportedly advised his clients to invest in The Ticket Reserve Inc. (TTR), an Illinois-based technology company that allowed customers to buy an option on a ticket to future sporting events, such as playoff games, which they could cash in if their team made the postseason. TTR was not profitable and reportedly was millions of dollars in debt. Narayan apparently served on the board of TTR.
Narayan allegedly directed RGT employees to forge his clients’ signatures on wire authorizations to direct significant amounts of his clients’ money into TTR without their knowledge or consent. He allegedly failed to disclose to them his role in the company as well as the fact that it was a high-risk investment and an unprofitable business.
The SEC brought a related case against Narayan in federal court in Dallas, where he was ordered to repay $1,498,000 in ill-gotten gains as well as a $350,000 civil penalty.
Investigating Potential Lawsuits
RGT Capital Management Ltd. and all Registered Investment Advisers have a responsibility to adequately supervise its employees. They must ensure the necessary procedures and systems to detect misconduct.
If you suffered investment losses with Ash Narayan and RGT Capital Management Ltd., please call the securities fraud attorneys at The White Law Group at 888-637-5510 for a free consultation.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Franklin, Tennessee.
For more information on The White Law Group, and its representation of investors, please visit www.WhiteSecuritiesLaw.com.