Former financial adviser Ash Narayan agreed to be barred from associating with brokerage or advisory firms to settle regulators’ allegations that he secretly received nearly $2 million from companies that he invested his professional athlete clients in for at least five years. Narayan additionally placed clients in unsuitable private investments and misrepresented himself as a CPA, according to a complaint filed by the SEC.

Narayan, who was managing director of the Irvine, California office of RGT Wealth Advisors, a Dallas firm with about $4.3 billion in assets under management, was temporarily suspended by the Certified Financial Planner Board of Standards in October, pending investigation of the allegations.

In February, RGT Wealth Advisors terminated Mr. Narayan, who had worked there since 1997, according to the SEC complaint. The alleged fraud occurred between 2010 and early 2016, during which time he directed $33 million to a company he was heavily involved with and knew was in poor financial condition.

“RGT appreciates the continuing efforts of the Securities and Exchange Commission and supports its decision to bar him from working in the industry,” the company said in a statement.

Earlier this year, the SEC accused Ash Narayan of cheating athletes including San Francisco Giants pitcher Jake Peavy, Denver Broncos quarterback Mark Sanchez and retired Houston Astros pitcher Roy Oswalt out of more than $30 million in a Ponzi-like scheme.

If you or someone you know has lost money as a result of a broker’s wrongdoing, please contact Richard Frankowski at 888-741-7503 to discuss your potential legal remedies or complete the contact form.