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Jim Furtado
Founder & Publisher
Editor - Baseball Primer


Finances Newsbeat

Wednesday, June 22, 2016


The Wilpons are interested!

The business was never viable, running operating losses of more than $3 million for four straight years. “To be sure,” Harmon wrote to Narayan in a May 2014 email, “our revenue sucks. Our balance sheet is a disaster.” Ticket Reserve would have been sunk if not for the fact that Narayan stole money from Oswalt, Peavy, and Sanchez and redirected it to TTR without their consent or knowledge. This was how Narayan “raised” 90 percent of of TTR’s investment capital. For his efforts, TTR paid Narayan finder’s fees of more than $1.8 million.

Oswalt did agree to invest $300,000 in TTR, but instead of deducting the agreed upon sum, Narayan removed over $7 million from his account. Sanchez agreed to invest $100,000, but instead of doing that, Narayan perplexingly removed $7 million from Peavy’s account, who never even heard of TTR, much less agreed to invest in it. To authorize all these transfers, Narayan forged signatures.

Narayan’s partners at TTR helped cover up the fraud, according to the lawsuit, by engaging in “Ponzi-like payments”—using new fraudulently-obtained proceeds to cover the tracks of old ones.

RoyalsRetro (AG#1F) Posted: June 22, 2016 at 09:16 AM | 4 comment(s)
  Beats: finances, financial advisers, jake peavy, roy oswalt



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