A financial investigation that could worry some coaches
The death of an investment banker who founded a prominent Houston-area summer basketball program could shine a spotlight on the finances of several college basketball coaches. And not in a good way.
David Salinas, 60, died of an apparent suicide Sunday not long after news emerged that he was being investigated by the Securities and Exchange Commission for fraudulent practices that might’ve cost those coaches who invested with Salinas millions of dollars, CBSSports.com reported.
It’s an issue because it’s unclear how the NCAA might view college coaches investing money with the founder of a summer hoops program that supplied recruits to schools through the years. Among the players, as CBSSports.com reports, include Juwann McClellan, Demetri Goodson, Joseph Jones, Dexter Pittman and Cartier Martin.And the coaches? Well, it’s a lengthy list. From the site:
Former Arizona coach Lute Olson, Baylor coach Scott Drew, Texas Tech coach Billy Gillispie and former Utah coach and current Gonzaga assistant Ray Giacoletti are among those CBSSports.com has confirmed invested with Salinas. A document obtained late Sunday by CBSSports.com has testimonials from other coaches who invested with Salinas -- specifically Nebraska coach Doc Sadler, Texas A&M-Corpus Christi coach Willis Wilson, former Houston and Nevada coach Pat Foster, former Duquesne coach and current United States Merchant Marine Academy coach Danny Nee and Augustana College coach Grey Giovanine.
“But the list is much longer,” a source said. “Lots of coaches had money with him, but they’re going to try to deny it and just hope it doesn’t come out.”
Then again, these are coaches who’ve invested A LOT of money with Salinas. The NCAA might not be as much of a concern as losing their shirt, a la Bernie Madoff. But it really could be a big deal. John Infante, who writes the highly respected Bylaw Blog, had this tweet Sunday night.
Sounds as if those coaches should be worried about their money and their jobs.
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