The Peiffer Wolf securities attorneys have learned that on Friday, August 5, a Texas federal judge granted Ash Narayan additional time to respond to allegations made by the Securities and Exchange Commission (“SEC”) that Narayan siphoned off millions of dollars from accounts he managed for professional athletes, according to the SEC and court filings. In June, the SEC obtained a court order freezing Narayan’s assets. The SEC alleged that Narayan funneled the money to himself through complex transactions and allegedly used forged signatures to complete the transactions. The SEC further alleged that Narayan used the money to invest in a ticket business, The Ticket Reserve, Inc., on whose board he served.
The Peiffer Wolf securities attorneys are continuing to monitor court filings as they occur. Narayan is represented by counsel in the Texas case, and has not yet formally responded to the SEC’s allegations, according to court documents. With the extension of time, Narayan will have until September 2, 2016 to answer or otherwise respond to the SEC’s allegations from its June filing. Such extensions are not unusual in a case like this one.
The Peiffer Wolf securities attorneys, Jason Kane and James Booker, are continuing their investigation into the allegations against Narayan. They have been in contact with investors already and are looking to supplement any potential recovery that may be obtained by the SEC. Investors who believe they have lost money as a result of investment fraud or misconduct, or who had their money managed by Narayan or invested in The Ticket Reserve, Inc., may contact Jason Kane or James Booker for a free, no-obligation evaluation of their recovery options, at 216-589-9280, via email at email@example.com, or through the contact form on this website.