Houston Financial Advisor Under Investigation by SEC Commits Suicide

A Houston financial advisor under investigation by the Securities and Exchange Commission for an alleged Ponzi scheme was found dead Sunday in what police are calling a suicide.  According to the Houston Chronicle, David Salinas, once a booster to the University of Houston and Rice basketball programs, had recently been interviewed by the SEC concerning his relationship with J David Financial Group in Friendswood, Texas, where he was the board chairman.  The SEC declined any comment on Salinas.

Salinas was well known for founding the Houston Select summer basketball program which became known in basketball circles for attracting a high caliber of attendees.  Through the program, Salinas became acquainted with coaching staff at many top colleges, whose involvement with Salinas now appears to not have been limited to the summer basketball program.  It has been reported by many news outlets that an array of former and current high-profile NCAA basketball coaches were investors in the J David Financial group, including:

• Former Arizona coach Lute Olson.
• Baylor coach Scott Drew.
• Texas Tech coach Billy Gillespie. and 
• Nebraska coach Doc Sadler

Speculation has arisen concerning the relationship between coaches who were both investment clients of Salinas and active recruiters of players in Salinas' summer basketball program.  As more details arise on the extent of involvement in the college sports world, an investigation by the NCAA is certainly plausible.  

This alleged Ponzi scheme is the second in the last week to have ties to the college sports world.  Last week, as covered in further detail here, former University of Georgia football coach was accused of orchestrating a multi-million dollar Ponzi scheme whose victims reportedly included many high-profile college football coaches.