Claims of nearly $31 million have been verified in alleged Ponzi scheme tied to coaches
DALLAS – The number of claims that can be verified for investors defrauded by the Texas financial adviser who committed suicide while under investigation in 2011 has reached nearly $31 million.
A filing in the lawsuit brought by the Securities and Exchange Commission against David Salinas says the court-appointed receiver can verify 175 claims and $30.6 million lost in the alleged Ponzi scheme that included several high-profile college basketball coaches among its victims.
The receiver, Steven A. Harr, says he is about halfway through the process of verifying claims.
The SEC sued Salinas' estate just weeks after he shot himself to death in his suburban Houston home in July 2011. The 60-year-old Salinas operated an AAU basketball program that groomed high-profile recruits and sent many on to the college ranks.