CFP Board Suspends Adviser for Defrauding Pro-Athletes

Posted on November 17th, 2016 at 11:15 AM
CFP Board Suspends Adviser for Defrauding Pro-Athletes

From the Desk of Jim Eccleston at Eccleston Law LLC:

Ash Narayan, an investment adviser in Irvine, Calif., has been temporarily suspended by the Certified Financial Planner Broad of Standards for allegedly misappropriating client funds and misrepresenting to clients that he was a Certified Public Accountant, when he was not.

Mr. Narayan, who managed money for professional athletes, allegedly siphoned more than $33 million from their accounts and invested their funds in a struggling online sports and entertainment ticket business called Ticket Reserve. When Mr. Narayan siphoned his clients’ money, he failed to disclose he was a member of the board for Ticket Reserve, owned its stock and received $2 million in finder's fees for the investments. The SEC also charged Mr. Narayan in June for the same misappropriation.

The suspension of Mr. Narayan’s CFP certification took effect on October 25 and the suspension will continue until an investigation is completed. 

The attorneys of Eccleston Law LLC represent investors and advisers nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of securities for financial advisors including breakaway broker servicesemployment mattersstrategic consulting and counselingbroker litigation and arbitration,whistleblower actions, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.  

Related Attorneys: James J. Eccleston

Tags: Eccleston, Eccleston Law, Eccleston Law LLC, James Eccleston, CFP Board, Ash Narayan, investment adviser, Certified Financial Planner Board of Standards, Certified Public Accountant, professional athletes, Ticket Reserve, SEC, CFP certification,

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