Lawsuit: 'Bogus' investment cost Olson $1 million
Thursday, September 15, 2011
DALLAS (AP) -- Former Arizona coach Lute Olson says he lost slightly more than $1 million through "bogus" investments orchestrated by David Salinas, the Houston money manager for coaches who committed suicide over the summer.
Olson claims in a lawsuit that Salinas and an associate sold him corporate bonds that didn't exist about six months after he retired in 2008.
Salinas died of a self-inflicted gunshot wound at his home in July. The Securities and Exchange Commission has since filed a lawsuit accusing him of defrauding more than 100 investors.
Salinas also operated a summer basketball program for college prospects. Olson is one of several college coaches who invested with him.
Olson's suit was filed Sept. 7 in San Diego, where the coach maintains a residence.