{"id":4028,"date":"2016-12-20T20:31:44","date_gmt":"2016-12-21T02:31:44","guid":{"rendered":"https:\/\/www.investorlawyers.com\/blog\/?p=4028"},"modified":"2016-12-20T20:31:44","modified_gmt":"2016-12-21T02:31:44","slug":"securities-fraud-former-california-financial-adviser-barred-bilking-professional-athletes-2m-finra-fines-allstate-financial-services-1m-inadequate-supervision-former-registere","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/securities-fraud-former-california-financial-adviser-barred-bilking-professional-athletes-2m-finra-fines-allstate-financial-services-1m-inadequate-supervision-former-registere\/","title":{"rendered":"Securities Fraud: Former California Financial Adviser Who Worked For Texas Brokerage Firm is Barred After Bilking Professional Athletes of $2M, FINRA Fines Allstate Financial Services $1M for Inadequate Supervision, and Former Registered Investment Adviser Settles Cherry Picking Scam for $328K"},"content":{"rendered":"<p>\t\t\t\t<b class=\"\">Ex-Financial Adviser Who Worked for Texas-Based Firm is Barred by SEC After Defrauding Pro Athletes\u00a0<\/b><br \/>\nAsh Narayan, an ex-California financial adviser, has been barred by the US Securities and Exchange Commission. Narayan, who is accused of secretly receiving almost $2M from companies that he invested in on behalf of his professional athlete clients, agreed to no longer associate with advisory or brokerage firms to resolve the regulator\u2019s allegations.<\/p>\n<p>Narayan worked for Dallas firm RGT Wealth Advisors, but he was based in California as the managing director of its Irvine office. He also is accused of misrepresenting himself as a CPA and placing clients in unsuitable private investments. In October, the Certified Financial Planner Board of Standards issued a temporary suspension against him while an investigation was conducted into the allegations. RGT Wealth Advisers fired Narayan early this year.<\/p>\n<p>According to the SEC, Narayan\u2019s alleged fraud occurred between 2010 and 2016, during which time he directed $33M to a company that he was involved in and was in poor financial health. By settling, Narayan is not denying or admitting to the SEC charges.<\/p>\n<p> <a href=\"https:\/\/www.investorlawyers.com\/blog\/securities-fraud-former-california-financial-adviser-barred-bilking-professional-athletes-2m-finra-fines-allstate-financial-services-1m-inadequate-supervision-former-registere\/#more-4028\" class=\"more-link\">Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ex-Financial Adviser Who Worked for Texas-Based Firm is Barred by SEC After Defrauding Pro Athletes\u00a0 Ash Narayan, an ex-California financial adviser, has been barred by the US Securities and Exchange Commission. Narayan, who is accused of secretly receiving almost $2M from companies that he invested in on behalf of his professional athlete clients, agreed to [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3739,3801,3760,3741,3750],"tags":[2665,2666,2667],"class_list":["post-4028","post","type-post","status-publish","format-standard","hentry","category-finra","category-sec","category-sec-enforcement","category-securities-fraud","category-texas-securities-fraud","tag-allstate-financial","tag-cherry-picking","tag-inadequate-supervision"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Securities Fraud: Former California Financial Adviser Who Worked For Texas Brokerage Firm is Barred After Bilking Professional Athletes of $2M, FINRA Fines Allstate Financial Services $1M for Inadequate Supervision, and Former Registered Investment Adviser Settles Cherry Picking Scam for $328K &#8212; Investor Lawyers Blog &#8212; December 20, 2016<\/title>\n<meta name=\"description\" content=\"Ex-Financial Adviser Who Worked for Texas-Based Firm is Barred by SEC After Defrauding Pro Athletes\u00a0 Ash Narayan, an ex-California financial adviser, has &#8212; December 20, 2016\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/securities-fraud-former-california-financial-adviser-barred-bilking-professional-athletes-2m-finra-fines-allstate-financial-services-1m-inadequate-supervision-former-registere\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Securities Fraud: Former California Financial Adviser Who Worked For Texas Brokerage Firm is Barred After Bilking Professional Athletes of $2M, FINRA Fines Allstate Financial Services $1M for Inadequate Supervision, and Former Registered Investment Adviser Settles Cherry Picking Scam for $328K &#8212; 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