Texas Tech’s Gillispie Loses Millions in Ponzi Scheme
Texas Tech’s new basketball coach Billy Gillispie, along with over a dozen other college coaches, has lost millions to a ponzi scheme by AAU basketball operator David Salinas. According to Sports Illustrated’s website, Gillispie invested $2.3 million in cooperate bonds.
Baylor’s Scott Drew, Arizona’s Lute Olson and Gonzaga’s Mark Few are also believed to have lost thousands to millions in the scheme. However Salinas won’t stand trial for the tens of millions lost in the scheme. He was found dead from apparent suicide Sunday.
The FBI has began an investigation into the case that for the past few months has been headed by the U.S. Securities and Exchange Commission. Rumors have also circulated that the NCAA will be preforming an investigation into the relationships between Salinas and the coaches, however there’s been no official word from the organization.