Securities Fraud Lawyer Blog
On May 24, 2016 the Securities and Exchange Commission filed a complaint in Dallas, TX Federal Court charging investment advisor Ash Narayan formerly with RGT Capital Management, with secretly transferring over thirty three million dollars from his clients’ accounts to a company called The Ticket Reserve, which then funneled almost two million dollars back to Narayan in hidden compensation.
On June 21, 2016 the SEC announced the unsealing of the complaint, as well as an order freezing Ash Narayan’s assets, and appointing a Receiver to preserve The Ticket Reserve’s assets.
In their complaint the SEC alleges that the Ticket Reserve made distributions to existing investors using funds obtained from new investors in ponzi like fashion. Other allegations include that former RGT Capital Management investment advisor Ash Narayan took his conservative minded investors’ (many of whom were successful professional athletes) portfolios and funneled their money into the Ticket Reserve without disclosing risks or conflicts of interest, including that Narayan sat on the Ticket Reserve’s board of directors. Among the undisclosed conflicts of interest were that Narayan owned millions of shares of the Ticket Reserve’s stock, and that Narayan was paid finders’ fees for bringing his clients’ monies to the Ticket Reserve.
Shortly after Narayan’s role in the Ticket Reserve matter was discovered, he was fired by his investment advisor firm RGT Capital Management. Narayan had been registered as an investment advisor with the SEC through RGT Capital Management. His public disclosure can be found here: Narayan IAPD.
RGT Capital Management, which does business as RGT Wealth Advisors’ most recent Form ADV disclosure can be found here: RGT Wealth Advisors IAPD
The Law Office of David Liebrader practices exclusively in the field of investment loss recovery. For the past 23 years, we have dedicated our law practice to assisting investors who have been victims of investment fraud via fraudulent and unsuitable investment transactions. During that time we have recovered money for over one thousand individuals, pension plans, trusts and companies. The recoveries we have obtained via judgments, awards and settlements on behalf of our clients exceed $40,000,000.
When investors contact our firm they can expect prompt attention, and a detailed analysis of their issues. Typical claims that we are asked to review involve “unsuitability (where a financial advisor makes investment recommendations that are inconsistent with a customer’s investment objectives), claims for “churning” (where a broker enters into an excessive number of trades for the purpose of generating commissions), claims involving illiquid investments such as private placements (I.e., real estate investment trusts, limited partnerships, equipment leasing and oil and gas drilling programs) as well as claims for violations of state securities laws, which often provide investors remedies like attorney’s fees and interest, if they are successful on the claim.
If you suspect that you have been the victim of investment fraud, have losses with Ash Narayan or the Ticket reserve, or had a financial advisor recommend unsuitable investments to you, call us today for a free, confidential consultation at (702) 380-3131.