The Peiffer Wolf Carr & Kane securities practice attorneys are preparing to take action on behalf of those who invested in The Ticket Reserve Inc. (“TTR”) at the recommendation of their financial professional, Ash Narayan (“Narayan”). Anyone who invested in TTR through Narayan is encouraged to contact attorney Jason Kane or his colleagues toll free at (585) 310-5140, via email jkane@prwlegal.com, or through the contact form on this website.

Narayan Alleged to Have Fraudulently Raised Over $33 Million for The Ticket Reserve

On May 24, 2016, the Securities and Exchange Commission (“SEC”) levied charges of securities fraud against Narayan, TTR, and two of TTR’s officers, Richard M. Harmon (“Harmon”) and John A. Kaptrosky (“Kaptrosky”). Narayan fraudulently raised over $33 million from his clients, including a number of current and former professional athletes, to invest in TTR, according to the complaint filed by the SEC. Before Narayan invested his clients’ money in TTR, he failed to disclose that TTR was financially distressed, that he sat on TTR’s board of directors, that he owned millions of shares of TTR stock, and that he obtained almost $2 million in undisclosed finder’s fees for securing investments in TTR, according to the SEC.

The Ticket Reserve Accused of Making Ponzi-like Payments to Investors

Narayan received assistance from Harmon and Kaptrosky in fraudulently raising money for the failing TTR, according to the SEC’s complaint. Ponzi-like payments were allegedly made to TTR investors. At various times between August 2014 through January 2016, money raised from one TTR investor was used to pay off older investments which had the effect of prolonging the fraudulent scheme and concealing TTR’s dire financial state, according to the SEC. Narayan, Harmon, and Kaptrosky are also alleged to have obscured the finder’s fee paid to Narayan by mischaracterizing such fees as director’s fees or loans.

Contact Peiffer Wolf Carr & Kane for a Free Evaluation

Peiffer Wolf Carr & Kane’s securities practice attorneys often represent investors – including professional athletes – who lose money as a result of Ponzi schemes, investment fraud, or stockbroker misconduct. They are currently investigating the possibility of assisting TTR investors with the recovery of their losses. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.

Investors who believe they lost money as a result of investment fraud or misconduct may contact the securities lawyers at Peiffer Wolf Carr & Kane, Jason Kane or James Booker, for a free, no-obligation evaluation of their recovery options, at (585) 310-5140, via email at jkane@prwlegal.com, or through the contact form on this website.