OILERMAN Posted June 23, 2016 Report Share Posted June 23, 2016 https://www.yahoo.com/sports/blogs/nfl-shutdown-corner/mark-sanchez-among-athletes-bilked-out-of-millions-in-scheme-161536161.html Denver Broncos quarterback Mark Sanchez was among several professional athletes who were reportedly bilked out of more than $30 million in a "Ponzi-like scheme." The AP reported $15.1 million was taken from Peavy, nearly $7.8 million from Sanchez and nearly $7.6 million from Oswalt. The players said they hired Narayan in part because "he represented himself as a devout Christian involved in charitable causes," the AP reported. pat 1 Link to post Share on other sites More sharing options...
OILERMAN Posted June 23, 2016 Author Report Share Posted June 23, 2016 Suckers MIKE75, woolfolksunclesuncle, and ChemEngr79 3 Link to post Share on other sites More sharing options...
Popular Post Number9 Posted June 23, 2016 Popular Post Report Share Posted June 23, 2016 1 hour ago, OILERMAN said: he represented himself as a devout Christian DANGER!! DANGER!! DANGER!! philo13181, SleepingTitan, MIKE75, and 5 others 8 Link to post Share on other sites More sharing options...
Popular Post ChesterCopperpot1 Posted June 23, 2016 Popular Post Report Share Posted June 23, 2016 3 hours ago, OILERMAN said: https://www.yahoo.com/sports/blogs/nfl-shutdown-corner/mark-sanchez-among-athletes-bilked-out-of-millions-in-scheme-161536161.html Denver Broncos quarterback Mark Sanchez was among several professional athletes who were reportedly bilked out of more than $30 million in a "Ponzi-like scheme." The AP reported $15.1 million was taken from Peavy, nearly $7.8 million from Sanchez and nearly $7.6 million from Oswalt. The players said they hired Narayan in part because "he represented himself as a devout Christian involved in charitable causes," the AP reported. Their first mistake was believing in the fallacy that Christian = good person. EagleEye, ChemEngr79, rns90, and 2 others 5 Link to post Share on other sites More sharing options...
begooode Posted June 23, 2016 Report Share Posted June 23, 2016 Sounds like the guy was a rogue and forging names/approvals before he was caught. The players weren't aware what he was up to, but not blindly funding him. I hope the best for the athletes, however, if the guy was out of control and his company not insured or covered by a high level accounting firm (lawsuit) those players will be lucky to get 20% back. This, of course, after all the litigation hassle and embarrassing news coverage,... rough. Link to post Share on other sites More sharing options...
OILERMAN Posted June 23, 2016 Author Report Share Posted June 23, 2016 My guess is these guys greed led them to invest with this guy, they can't be happy with long term market returns. I also suspect they are claiming their signatures were forged because they are embarrassed they let someone have access to their money like this. Link to post Share on other sites More sharing options...
Popular Post rns90 Posted June 23, 2016 Popular Post Report Share Posted June 23, 2016 3 hours ago, ChesterCopperpot1 said: Their first mistake was believing in the fallacy that Christian = good person. I agree. I see this and I think the exact opposite. Anyone who talks about how what a devout Christian they are, I'm already a little wary and suspicious of. WG53, Downtown, Titanjuicy, and 5 others 8 Link to post Share on other sites More sharing options...
Popular Post ctm Posted June 23, 2016 Popular Post Report Share Posted June 23, 2016 Another tell: he represented himself as a CPA I guess it never occurred to the investors that accounting and finance are completely different fields. It's amazing how many people think they are the same thing. oldschool, Number9, ChesterCopperpot1, and 6 others 9 Link to post Share on other sites More sharing options...
wiscotitansfan Posted June 23, 2016 Report Share Posted June 23, 2016 2 hours ago, ctm said: Another tell: he represented himself as a CPA I guess it never occurred to the investors that accounting and finance are completely different fields. It's amazing how many people think they are the same thing. The only reason half these players can write a check is because their guy shows them a check and they tell them to scribble here, knowing all of two letters (X and O) only gets you so far in life. I agree with the sentiment with well educated people but I can guarantee majority of these families only experience with any sort of financial person was H&R Block come June when they started getting tax notices..... I kid, I kid. It's a shame schools don't require real life finances 101. I was given those classes in high school (even though the only valid thing I learned that I didn't know prior was how to balance a checkbook and write a check) Link to post Share on other sites More sharing options...
Face Posted June 23, 2016 Report Share Posted June 23, 2016 I'll tell you, one of my favorite shows is American Greed, and ALOT of the scammers portrayed themselves as devout Christians, it's a big part of their scheme. Whether religious or not, I'd always suggest running for the hills if some investment guy is pushing his faith. smokeater 1 Link to post Share on other sites More sharing options...
titanruss Posted June 23, 2016 Report Share Posted June 23, 2016 its funny because i dont like those players... its sad because they were like 23 and had no idea how to deal with money and thought they were doing the right thing. the best advice they got was probably "find an honest person" and this guy swept in and swindled them. Link to post Share on other sites More sharing options...
Alcibiades Posted June 23, 2016 Report Share Posted June 23, 2016 The NFLPA should take some blame here. It's their job to do some investigation before endorsing someone like this. I don't blame the players. They are young men who should be concentrating on the game right now. That's why they HAVE financial advisers. Yeah, you should check into your advisers a bit yourself, but if I had an organization like the NFLPA behind me, I'd probably trust them too. As it is, I have to trust that my employers have chosen a good source for my retirement...not that all my retirement is in one place, but you get my point. At some point, we all take a chance on someone else, and any one of us could be cheated for doing so, even if we are relatively careful. pat 1 Link to post Share on other sites More sharing options...
cenj Posted June 23, 2016 Report Share Posted June 23, 2016 (edited) I think the "devout Christian angle" is partly to make the scam artist seem more trust-worthy, but a bigger part of it is to attract people who are more easily duped. Religious devotees are by nature more willing to trust without evidence. Finding super-wealthy athletes who are more willing to part with millions because a guy is Christian? You're weeding out the financially-savvy (and those with general common sense). All predators know to separate the weak ones from the herd. Edited June 23, 2016 by cenj Alcibiades, Starkiller, Face, and 1 other 4 Link to post Share on other sites More sharing options...
OILERMAN Posted June 23, 2016 Author Report Share Posted June 23, 2016 "It's immoral to let a sucker keep his money" TitanJoe 1 Link to post Share on other sites More sharing options...
Popular Post Redeye Malone Posted June 23, 2016 Popular Post Report Share Posted June 23, 2016 It doesn't have to be so complicated. Maybe the league should just introduce the players to Vanguard and be done with it. Alcibiades, ctm, pat, and 2 others 5 Link to post Share on other sites More sharing options...
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