The SEC is following up a probe into celebrity sports advisor David Salinas, who reportedly directed hot prospects to college coaches in exchange for their business.
Salinas killed himself a few weeks ago -- days after the SEC searched his office.
They were looking for information on whether his players-for-accounts activities weren't actually a front for a $52 million Ponzi scheme involving fake bonds.
Brian Bjork, Salinas' unpaid chief investment officer, says that when he heard the allegations, he searched Salinas' office before his death, but never found the bonds in question.
He did find what appears to be a suicide note claiming responsibility for everything that went wrong at the firm.
Meanwhile, according to the SEC, someone at the firm was making up CUSIP numbers for the bonds, allowing them to be used as loan collateral and otherwise enhancing their apparent legitimacy.
Clients argued that the bonds were too good to be true.
The SEC has asked for Salinas' estate to be frozen while the case proceeds.