Jul 27, 2011, 9:42 AM EDT
It’s a sad story that has touched large parts of college basketball. David Salinas was an investment manager and AAU official in Houston who it turns out was running a ponzi scheme and bilked a number of college coaches — including Billy Gillespie and Lute Olsen — for big money. This could get even messier for some coaches as the investments could be tied to recruiting favors.
When the SEC and NCAA started to investigate, Salinas committed suicide.
Now this story has touched the NBA, reports Sports Illustrated.
Two NBA players, 2010 Warriors lottery pick Ekpe Udoh ($350,000) and former Wizards swingman Cartier Martin ($374,000), were confirmed to be clients by SI.
The money in parenthesis is how much each player invested. Udoh, a lottery pick of the Warriors, played his college ball in Texas (at Baylor) and Martin is a Houston native (he played for the Wizards last season but is now a free agent).
For the NBA guys, it’s lost money (for Martin, who has earned $1.1 million in his NBA career, that’s a big loss). For the college coaches, if they got players for investing with Salinas, the problems could just be starting.
- Mavericks signing Al-Farouq Aminu to two-year, minimum salary contract 4
- Report: Ballmer’s $2 billion Clippers offer nearly double what Bank of America valued team at 12
- Report: Jameer Nelson near $2.7 million deal to join Dallas Mavericks 11
- Report: Mavericks void Rashard Lewis’ contract after it’s discovered he needs knee surgery 10
- Report: Sixers, Nuggets or Celtics could become third team in Kevin Love trade to Cavaliers 45
- Five biggest surprises from Summer League 13
- Justin Bieber and Kevin Durant share brunch (photo) 22
- Clippers CEO: If Sterling remains owner then Doc Rivers, players, sponsors all ready to bolt 60