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ASH NARAYAN, FORMERLY OF RGT WEALTH ADVISORS, SUSPENDED BY CFP BOARD

By Erwin J. Shustak, Esq. of Shustak Reynolds & Partners, P.C. posted on Tuesday, February 21, 2017.

Erwin Shustak, Esq.
619.696.9500 ex. 109
[email protected] 

The Certified Financial Planning Board of Standards has temporarily suspended Ash Narayan, an investment advisor in Irvine, California, and former Managing Director of RGT Wealth Advisors, for allegedly siphoning millions of dollars from former pro- athlete clients. The CFP announced it made its decision after Narayan was named in an SEC complaint alleging he misappropriated client funds and misrepresented his professional qualifications.

Last June, the SEC announced it had charged Narayan with siphoning money from client accounts he managed for professional athletes and investing their funds in a struggling, on-line sports and entertainment ticket business called Ticket Reserve in which he had an equity stake and from which he received millions of dollars of “kick-backs” for diverting client funds to the business. According to the SEC complaint, Narayan transferred more than $33 million of RGT Wealth Advisor’s client funds to Ticket Reserve and failed to disclose that he not only was a board member of the firm but owned its stock and had received more than $2 million in finder’s fees for diverting his RGT client funds into the failing business.

According to the CFP Board, “these investments were unsuitable, contrary to the clients’ stated objectives and sometimes without the clients’ knowledge and consent.” “Mr. Narayan also misrepresented to RGT clients that he was a Certified Public Accountant, when he was not.” In appearing before the CFP Board to answer the charges, Mr. Narayan failed to prove that he did not pose an immediate threat to the public or that his conduct did not significantly hurt the reputation of the CFP marks.

 Shustak Reynolds & Partners, p.c. focuses in the areas of securities, financial services and complex business disputes. For more information, contact our managing partner, Erwin Shustak. More information is available at www.shufirm.com.

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