More than a dozen current and former college coaches — including Texas Tech’s Billy Gillispie, Arizona’s Lute Olson, Baylor’s Scott Drew and Gonzaga’s Mark Few — are believed to have lost investments most recently valued at over $7.8 million combined with the late Houston-area businessman and AAU basketball operator J. David Salinas, sources close to the matter tell SI.com.
According to documents reviewed by SI.com, the value of Gillispie’s investment alone was purported to be $2.3 million; Olson’s, $1.17 million; Drew’s, $621,000; Few’s, $353,000.
Salinas, who committed suicide on Sunday amid a months-long investigation into his businesses by the U.S. Securities and Exchange Commission, died at age 60 from a gunshot wound at his home in Friendswood, Texas. He was the chairman of the eponymous J. David Financial Group in Friendswood, the founder of the Houston Select AAU basketball program and a Houston, Rice and Wichita State donor.
SI.com has learned that the Federal Bureau of Investigation has begun to look into the case, which centers around the supposed issuing of corporate bonds.
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