Coaches in Ponzi Scheme

[BUBalum05]

Couldn't find a previous post about this, but breaking news update on a Ponzi scheme involving numerous high profile college coaches including Lute Olson and Billy Gillispie. The SEC (Securities and Exchange Commission not the conference) has verified over $31 million dollars in the suit against the estate of David Salinas who committed suicide shortly after the ponzi scheme was discovered. Salinas was also heavily involved in AAU.

http://www.washingtonpost.com/sports/colleges/claims-of-nearly-31-million-have-been-verified-in-alleged-ponzi-scheme-tied-to-coaches/2013/03/20/8456cb88-9197-11e2-9173-7f87cda73b49_story.html

[tornado]

things sure do move slowly in legal circles...

this is actually a story that came out of the suicide in 2011 of a stock broker who was deeply embroiled in corruption but who had ties to many basketball coaches

http://bradleyfans.com/vb/showthread.php?t=18853

[tornado]

touching on that ponzi scheme thing
..the way that is relevant is that MANY head coaches invested hundreds of thousands of dollars with this guy...
...nothing illegal about that but IS IT JUST A COINCIDENCE that this guy was also a KINGPIN and major influence in the Houston & Texas AAU scene and it JUST HAPPENS that MANY of his top players ended up playing for those EXACT same coaches who gave the guy hoardes of money??
The whole point here is a STRONG APPEARANCE that those head coaches - who could have invested their money with anyone they wanted - just happened to invest sometimes enormous amounts of $$$ with a guy who appears to then have helped those coaches land BIG TIME players.

As you might guess - since many of the top names in the sport were involved and such a scandal would have destroyed many - the NCAA simply declined to even look into it!
Dontcha think NCAA should have at least checked it out?

http://www.cbssports.com/mcc/blogs/entry/26283066/30723998

http://blog.seattlepi.com/seattlesports/2011/07/20/report-no-ncaa-probe-into-fraud-that-entangled-gonzaga-coaches/

[tornado]

As a late followup to this story....here's an earlier link we had on this story - LINK
The high stakes ponzi scheme that caught up lots of basketball coaches, including reportedly ISU's Tim Jankovich & Drake's Ray Giacoletti...
Some of the investors got money back but some lost a bundle
But now all the $$ appears to be paid out and it appears only certain investors who dealt with certain investment firms got a settlement & Jankovich did not appear to get any in the settlement - according to a blogger who has been tracking this case.