DALLAS (AP) — Investors are saying they lost more than $50 million in a Ponzi scheme allegedly orchestrated by David Salinas, the Houston financial adviser with close ties to college basketball who committed suicide last year.
The court-appointed receiver in the Securities and Exchange Commission’s lawsuit against Salinas’ estate says 130 people or entities have filed 259 claims seeking $51 million. The claims figures were included in a court filing Tuesday.
Salinas was the founder of an AAU program for high school basketball players and also was a money manager for some of the country’s top coaches. Texas Tech’s Billy Gillispie and Baylor’s Scott Drew are among the coaches known to have lost millions.
The SEC suit was filed just weeks after he shot himself to death last July.