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Old 06-21-2016, 06:12 PM   #1
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Default Mark Sanchez Defrauded Madoff Style

Jake Peavy was defrauded more than $15 million by a financial adviser, according to a filing Tuesday by the Securities and Exchange Commission.

Retired pitcher Roy Oswalt and NFL quarterback Mark Sanchez were also involved in this fraudulent scheme, per the filing in U.S. District Court. The SEC is seeking to freeze the assets of this adviser, a man named Ash Narayan, and recoup more than $33 million that he took from the three pro athletes. Peavy told the San Francisco Chronicle that he learned about the fraud on the first day of spring training. "I think I did the best I could to stay focused," he said. "Maybe at times I haven't done my best, but I think the last month is indicative of what I can do to help this team. Iím doing what I can to push the needle forward."
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Old 06-21-2016, 06:19 PM   #2
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That's a real bummer man. I hate stories like this. I hope he can get it back.

Also, depending on how much he lost, I'm not sure if he will be clear headed going into the season?
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Old 06-21-2016, 07:04 PM   #3
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Not surprised.
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Old 06-21-2016, 07:11 PM   #4
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Originally Posted by TheReverend View Post
Lmao, the NFL provides a list of approved advisors to players, how did this even happen?

Is Sanchez THAT stupid?

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Old 06-21-2016, 07:14 PM   #5
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''At the time of this writing, according to the NFLPA online database, Narayan is still an NFLPA-approved financial advisor. The NFLPA's financial advisor registration program has previously been criticized for not doing enough to protect players from fraud. The NFLPA charges $2,000 per financial advisor application. The NFLPA did not immediately return a request for comment...''

https://sports.vice.com/en_us/highli...esportstwitter

Sounds like the NFLPA is spending too much time sucking Tom Brady's dick.
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Old 06-21-2016, 07:53 PM   #6
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I blame the USC student-athlete tutoring program.
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Old 06-21-2016, 08:25 PM   #7
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Why would I use my union to pick a financial advisor? Pretty easy to find that service on your own.
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Old 06-21-2016, 08:51 PM   #8
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Quote:
Originally Posted by TheReverend View Post
Lmao, the NFL provides a list of approved advisors to players, how did this even happen?

Is Sanchez THAT stupid?
Atwater was defrauded by an adviser the NFL suggested. In fact him and several other players sued the NFL over it.
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Old 06-22-2016, 04:58 AM   #9
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Quote:
Originally Posted by TheReverend View Post
Lmao, the NFL provides a list of approved advisors to players, how did this even happen?

Is Sanchez THAT stupid?

Kind of harsh. As others have noted this guy was an NFLPA approved advisor.
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Old 06-22-2016, 07:45 AM   #10
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Originally Posted by TheReverend View Post
Yeah, I replied differently after seeing Gutless' post with additional info. This is clearly on the NFL.

Why they don't solely work with bigger firms like Morgan, UBS, Merrill, Janney, etc, is beyond me.
Because they charge $2k per financial advisor application and it was an easy way to make money from all the little guys that want a chance to have a pro athlete client. The real issue here is that the NFLPA is charging this amount, but apparently not doing any independent investigation from those fees. Smells like a lawsuit.
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Old 06-22-2016, 07:54 AM   #11
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http://nlpc.org/stories/2011/02/28/c...ion-fraud-suit

A couple of our guys went through a similar thing a few years ago. Looks like the NFLPA won this one (against some of their own former players).
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Old 06-22-2016, 09:25 AM   #12
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Alex English, Kareem, were similarly defrauded back in the day. It has been happening literally for decades. It's almost a, don't invest, sit on whatever you earn situation. Every year you hear about this.
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Old 06-22-2016, 09:36 AM   #13
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In statements filed as part of the lawsuit, both Peavy and Sanchez said they believe Narayan forged their signatures to transfer money from their accounts to the business.

If the guy is forging signatures then he needs to go to jail for a long time.
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Old 06-22-2016, 03:39 PM   #14
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I see Sanchez's decision making skills off the field are just as bad as on it.
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Old 06-22-2016, 03:50 PM   #15
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This is just stupid.

How do you trust a guy to basically manage all your paychecks/accounts and then not realize $7Million has gone missing over 5 years?
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Old 06-22-2016, 04:43 PM   #16
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Quote:
Originally Posted by TheReverend View Post
Interesting. No part of that particularly makes sense to me. $2k per application is not only a drop in the bucket to the NFL, but I would be floored if one of the bigger financial firms wouldn't pay 10x whatever they've taken in the sum of those $2k fees to get an exclusive partnership with the NFLPA that is in both the players best interest and easy way to get their paws on significantly more AUM.
NFLPA approved, not NFL approved.
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