Sad Case: Houston Advisor Under SEC Investigation Kills Self, Revealing Dark Side Of Sports-Investing Business

Tuesday, July 19, 2011 06:49
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Sad Case: Houston Advisor Under SEC Investigation Kills Self, Revealing Dark Side Of Sports-Investing Business

Tags: fraud | sec

A Houston advisor who was very active in local high school basketball programs has apparently killed himself after talking to SEC regulators about a complex Ponzi athletic recruiting scheme.

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David Salinas didn't seem to be registered with either the SEC or FINRA, and his professional Web presence is already getting hard to find. He seems to have primarily been an insurance agent.

 

The SEC won't even comment because they don't talk about ongoing investigations.

 

As a result, the advisory press really can't get a handle on his operation or why he'd want to kill himself rather than cooperate with the regulators.

 

But the Houston sports press knew Salinas pretty well and are putting a few of the pieces together. It turns out he started a very influential summer basketball program that developed several hot prospects.

 

Salinas then reportedly steered the prospects to college coaches across the Midwest who agreed to invest in his firm. 

 

Whether those investments were in any form of Ponzi scheme or not remains to be seen. 

 

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