SEC suit targets money manager tied to coaches
Monday, August 1, 2011
DALLAS (AP) -- The Securities and Exchange Commission has filed a lawsuit seeking to freeze the assets of a money manager for college basketball coaches who committed suicide last month.
The Texas State Securities Board says the suit targeting the estate of David Salinas was filed Monday in U.S. District Court in Houston. It says the suit also asks for the appointment of a temporary receiver to oversee the estate and several related companies.
The 60-year-old Salinas was found dead of a gunshot wound at his suburban Houston home on July 23.
Dozens of college basketball coaches invested millions through Salinas, who also operated a basketball program for highly-recruited high school players.
The Texas agency also says it's seeking to revoke the license of a related money manager.