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You may have lost money in your investment portfolio,
due to mismanagement and not even know it.

Multiple pro athletes bilked by unscrupulous investment adviser

Running amok.

That is a term sometimes used to describe aberrant behavior engaged in by a person who is flatly out of control. The end result of running amok seldom spells a salutary ending.

And, unsurprisingly, it certainly didn't for one investment adviser and the stable of pro-athlete investors justifiably relying upon him for professional money advice.

The reliance of those high-money investors was carefully cultivated by adviser Ash Narayan's statements regarding his religious faith and his professional acumen honed in part by his status as a certified public accountant.

As noted in a recently unsealed civil lawsuit filed in federal court by the U.S. Securities and Exchange Commission, Narayan's CPA claim was flatly bogus.

And, contends the SEC, much about his investment behavior was fraudulent and pursuant to an unlawful scheme orchestrated to defraud his clients of many millions of dollars.

It certainly achieved that aim. Multiple high-profile professional athletes are reported to have collectively lost scores of millions of dollars, with one SEC principal stating that Narayan "funneled their savings into a money-losing business and his own pocket."

Financial regulators say that Narayan -- who was the managing partner in the California office of a Texas management firm -- ran a multi-faceted scheme aimed at fleecing his customers. Much of the above-cited "funneling" went directly to an unprofitable ticketing business venture in which he was a principal. In one communication from that company's CEO to Narayan, the former wrote that, "Our balance sheet is a disaster."

Additionally, note government attorneys, the athletes' money was used to perpetuate a Ponzi scheme, with early investors in the ticketing enterprise being paid from money that the athletes thought was being directed toward legitimate investments.

Reportedly, more than $33 million handed over by Narayan's clients ended up as cash infusions for the ill-fated ticketing company.

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