Since his pal Billy Clyde and a number of other coaches with Texas connections were.
"David Salinas, an investment adviser who doubled as the founder of a prominent Houston-area summer basketball program, died of an apparent suicide Sunday, multiple sources have told CBSSports.com. According to a source, the development comes in light of the United States Securities a. "Lots of coaches had money with him, but they're going to try to deny it and just hope it doesn't come out....."
"Former Arizona coach Lute Olson, Baylor coach Scott Drew, Texas Tech coach Billy Gillispie and former Utah coach and current Gonzaga assistant Ray Giacoletti are among those CBSSports.com has confirmed invested with Salinas. A document obtained late Sunday by CBS Sports.com has testimonials from other coaches who invested with Salinas -- specifically Nebraska coach Doc Sadler, Texas A&M-Corpus Christi coach Willis Wilson, former Houston and Nevada coach Pat Foster, former Duquesne coach and current United States Merchant Marine Academy coach Danny Nee and Augustana College coach Grey Giovanine."
"But the list is much longer," a source said"
http://college-basketball-blog.blogs.cbssports.com/mcc/blogs/entry/26283066/30683502
Quote from: texaswarrior74 on July 17, 2011, 10:10:19 PM
Since his pal Billy Clyde and a number of other coaches with Texas connections were.
"David Salinas, an investment adviser who doubled as the founder of a prominent Houston-area summer basketball program, died of an apparent suicide Sunday, multiple sources have told CBSSports.com. According to a source, the development comes in light of the United States Securities a. "Lots of coaches had money with him, but they're going to try to deny it and just hope it doesn't come out....."
"Former Arizona coach Lute Olson, Baylor coach Scott Drew, Texas Tech coach Billy Gillispie and former Utah coach and current Gonzaga assistant Ray Giacoletti are among those CBSSports.com has confirmed invested with Salinas. A document obtained late Sunday by CBS Sports.com has testimonials from other coaches who invested with Salinas -- specifically Nebraska coach Doc Sadler, Texas A&M-Corpus Christi coach Willis Wilson, former Houston and Nevada coach Pat Foster, former Duquesne coach and current United States Merchant Marine Academy coach Danny Nee and Augustana College coach Grey Giovanine."
"But the list is much longer," a source said"
http://college-basketball-blog.blogs.cbssports.com/mcc/blogs/entry/26283066/30683502
Wow. Thanks much. This is the first I heard of this...let me do some checking/snooping. If I find more, I'll post on it, or if its deep throat info, I'll PM you on it.
Luckily this is the first time Houston has ever had a shady finacial investment guy out there. lol
Quote from: texaswarrior74 on July 17, 2011, 10:10:19 PM
but they're going to try to deny it and just hope it doesn't come out.
Trailblazing!
Quote from: texaswarrior74 on July 17, 2011, 10:10:19 PM
Since his pal Billy Clyde and a number of other coaches with Texas connections were.
"David Salinas, an investment adviser who doubled as the founder of a prominent Houston-area summer basketball program, died of an apparent suicide Sunday, multiple sources have told CBSSports.com. According to a source, the development comes in light of the United States Securities a. "Lots of coaches had money with him, but they're going to try to deny it and just hope it doesn't come out....."
"Former Arizona coach Lute Olson, Baylor coach Scott Drew, Texas Tech coach Billy Gillispie and former Utah coach and current Gonzaga assistant Ray Giacoletti are among those CBSSports.com has confirmed invested with Salinas. A document obtained late Sunday by CBS Sports.com has testimonials from other coaches who invested with Salinas -- specifically Nebraska coach Doc Sadler, Texas A&M-Corpus Christi coach Willis Wilson, former Houston and Nevada coach Pat Foster, former Duquesne coach and current United States Merchant Marine Academy coach Danny Nee and Augustana College coach Grey Giovanine."
"But the list is much longer," a source said"
http://college-basketball-blog.blogs.cbssports.com/mcc/blogs/entry/26283066/30683502
This guy is way off the radar.
He ran Houston Swoosh Select AAU program(aka Defenders), see:
http://www.houstonselect.org/staff.html
alumni players included Alton Ford, many All americans...see alumni honors link on the site
His business company, J David Group, has its main site taken down, but maybe this cached page pulls up, for yall---it describes his friendswood(south Houston area) insurance business, as specializing in insurance for intercollegiate athletics....whatever that is.
http://webcache.googleusercontent.com/search?q=cache:j8L_l73TK5cJ:www.jdavidgroup.net/+J.+David+Financial+Group&cd=1&hl=en&ct=clnk&gl=us&source=www.google.com
Houston Chron confirmed Salinas was under SEC investigation.
The co founder of the Houston Swoosh Select, Mr Bjork, formerly with J david Group, is also a financial guy...an asset management firm...that hasnt taken down its website--lol:
http://select-asset.com/management-team
Note the many ties of these guys to J David Group and to sports business....interesting.
It sure appears Salinas AAU work overlapped and gave him access for his business...and either the insurance or investments he peddled ran afoul of the SEC.
My guess is this will be reported on further, in the press .
BTW, to this point no sign of Buzz or MU involvement or loss....whew.
He was. Buzz was good friends with him. Im surprised he wasn't mentioned. The guy screwed over tons of people, including his partners and best friends.
My wife almost took a job with Salinas two years ago.
Quote from: Freeport Warrior on July 18, 2011, 09:56:56 AM
He was. Buzz was good friends with him. Im surprised he wasn't mentioned. The guy screwed over tons of people, including his partners and best friends.
My wife almost took a job with Salinas two years ago.
Ouch--to hear it looks like Buzz also took a hit.
Are you in Freeport,TX down 288?
What did your wife understand his business to be --insurance..investments..scamming sports guys $$?
I hadnt heard of J David Group, nor of the Asset management co.
I only once dealt with Peden, the CFO, back when he was the CPA, for a Houston business, my client bought the assets of.
Quote from: Freeport Warrior on July 18, 2011, 09:56:56 AM
The guy screwed over tons of people, including his partners and best friends.
I assume you're talking about Salinas?
Nonetheless, Buzz doesn't strike me one of the guys who got "Madoffed" here since a) Buzz probably has most of his cash hiding under a mattress or buried in a sweet tea can, and b) until recently he didn't have the scratch some of those other coaches do. He might have lost a few bucks, but probably a mere fraction of what some of those other guys may have.
Just a guess -- most of Buzz's investments are tied up in Cadbury stock.
Actually, Buzz to me is almost exactly the type of guy who would lose out here. Very loyal...recently with $$$ after never having much before...
However, knowing Buzz he is much more concerned over the loss of a friend than the loss of a few $$$.
Even if Brent had gotten buzzed, he is still in decent financial shape.
Insurance. Buzz would ask my wife if "David got you to sign with him?" every time she saw him picking up my son from MU ball camp. Salinas tried to get us to meet Buzz and his wife when he first took the assistant job and knew no one up here. I was under the impression Buzz looked up to him and knew him for some time; certainly before he had any money.
Salinas went missing about 10 days ago. I know "normal" people who lost $1mil -- I would bet Buzz had a nice chunk with him considering his relationship. Salinas lived large.
Other sites, and blogs, including folks who claimed they heard it from coaches/victims...is that Salinas ran a ponzi...you'd get nice returns, but not realize that your, or someone elses principal was the source.
A Bernie Madoff style deal.
One red flag is on Select Asset Management's site where, to steer client investments to it, they thinly veil their offer to pay the "Financial Professional" (accountants/attys) a kickback/commission....to wit:
..."To recap, we pride ourselves in our high level of customer support to both you and your client. We will keep the Financial Professional apprised of their client's up-to-date results. Finally, we have developed a compensation plan that makes good business sense for the Financial Professional...."
Any business model set up to betray business trusts for backdoor (usually undisclosed) kickbacks to the trusted professional is somewhat flawed, and easily prone to victimization. Personally, I think its just wrong, altough some see it differently, and do this regularly.
Couple of guys we've been involved with... 2012 Shaquille Cleare of the Houston Defenders 17U team.. and 2014 Justise Winslow (son of Ricky) of the 2014 Houston Select team that has been playing up in 16U.
This is off subject... I didnt know there were so many MU hoops fans in Houston. Is there a bar everyone goes to for watching games? I moved here recently.
I t would not surprise me, if Buzz handles his own investing. After all, correct me if I am wrong, he does not use an attorney for his MU contract.
Quote from: bilsu on July 19, 2011, 09:17:02 AM
I t would not surprise me, if Buzz handles his own investing. After all, correct me if I am wrong, he does not use an attorney for his MU contract.
Buzz used Salinas. How much, I have no idea.
Buzz uses a attorney but not a agent.
I know this is the way the world works... but I wonder if the NCAA will see these investments as giving Buzz and others an unfair advantage and penalize MU. Any rule junkies know the details on this.
Quote from: dw3dw3dw3 on July 19, 2011, 09:42:40 AM
I know this is the way the world works... but I wonder if the NCAA will see these investments as giving Buzz and others an unfair advantage and penalize MU. Any rule junkies know the details on this.
I also thought about that. You would have to be able to prove that the agent was only directing players to coaches who invested with him (basically selling players). It also could be the agent was only using the players to get in with coaches. That would not be illegal. Either way the agent was probably using the players for his own benefit. However, you probalby could say that about every coach. They are only going to recruit players that can benefit them. It is a dog eat dog world and there is little you can do about it.
Buzz was friends with him for a long time. I'm sure he is devastated by the personal loss. From all accounts, Salinas was a great guy that no one had a bad thing to say about. I heard the Ponzi stuff a couple of weeks ago when he went missing. He really screwed his business partners and friends (and their families). I know a couple of them and they are devastated. Salinas wiped out there accounts very recently. My wife, who knew Salinas for the last 5 years or so, said there was no way he would ever face the music. I remember my wife telling me about this "mogul" she was meeting with -- he flew up to Chicago just to meet with her. Feel fortunate she never took the job with him.
Quote from: BUzz Willliams 4 Mayor on July 19, 2011, 09:01:52 AM
This is off subject... I didnt know there were so many MU hoops fans in Houston. Is there a bar everyone goes to for watching games? I moved here recently.
We'd all meet in the same bar with David Salinas...but boy, yesterday that place really seemed dead.
(a thousand apologies-- I just couldnt resist, God'll get me for that)
Welcome to Htown. The Marquette Club of Houston ( I was a president at the inception, in mid 80s) is generally dormant...and there isnt any designated gathering spot. We have around 700 identified alums in the area ( we dont count those who are in the witness protection program). DaCoach, is here, on the Board. and the club has a big email list
....as the season gets going we may shoot for a watching party on one or two big game days.
http://sportsillustrated.cnn.com/2011/basketball/ncaa/07/19/coaches.investment/index.html
Article today with some dollar amounts.
Heard today the total was $70M plus -- not just coaches
Quote from: dw3dw3dw3 on July 19, 2011, 09:42:40 AMI know this is the way the world works... but I wonder if the NCAA will see these investments as giving Buzz and others an unfair advantage and penalize MU. Any rule junkies know the details on this.
I thought about this and was wondering if we've had anyone from these teams sign with Marquette. Maybe Jimmy or Erik? Erik played for the T Mac All-Stars if I remember right, but I have no idea where Jimmy played his AAU. It seems like it'd be hard to penalize anyone for this if all they did was get screwed out of money, if Buzz even did have any money invested with this guy.
Quote from: brewcity77 on July 20, 2011, 07:40:51 AM
I thought about this and was wondering if we've had anyone from these teams sign with Marquette. Maybe Jimmy or Erik? Erik played for the T Mac All-Stars if I remember right, but I have no idea where Jimmy played his AAU. It seems like it'd be hard to penalize anyone for this if all they did was get screwed out of money, if Buzz even did have any money invested with this guy.
jimmy didn't play AAU, one of the reasons he fell under the radar coming out of high school.
Quote from: TedBaxter on July 19, 2011, 07:22:52 PM
http://sportsillustrated.cnn.com/2011/basketball/ncaa/07/19/coaches.investment/index.html
Article today with some dollar amounts.
Penders quote in there of a possible quid pro quo between making the investment and access to the AAU team players is telling. As you may have seen him on HBO interviews, it appears Penders, (at the tale end of his career, with lifetime money secure, and no need for another job,) has decided to go rogue and speak out over systemic abuses, in recruiting.
I tend to believe his claim.
$70 million isnt in Bernie's neighborhood, but its a bad subdivision. I'm currently torn, though whether I'll feel bad for the victims...
BTW, our local press, the Houston Chronicle hasnt yet found anything new, and seems to be parroting SI. It seems the story caught many by surprise, as often happens when Ponzis blow:
http://www.chron.com/disp/story.mpl/sports/college/7660701.html
Well, at least there is no mention of MU or Buzz in that article.
Here is Andy Katz's piece, saying the sports intros began with Willis Wilson, BB coach at Rice.
http://espn.go.com/mens-college-basketball/story/_/id/6784945/source-ncaa-plans-no-probe-coaches-losing-cash-david-salinas-scam
Quote from: houwarrior on July 20, 2011, 09:19:45 AM
$70 million isnt in Bernie's neighborhood, but its a bad subdivision. I'm currently torn, though whether I'll feel bad for the victims...
If P.T. Barnum were alive today, he'd be wealthier than Bill Gates.
Cripes... how many Ponzi schemes have been busted in the last five years, yet people are still showing up with open wallets and closed eyes.
Ponzi schemes always come down to people who you trust. Seriously, the worst thing you can do is invest money with friends if you become wealthy.
The issue here is whether coaches were investing to buy access into recruits from this coach. That is what Tom Penders alleges and that is why the NCAA is now investigating.
Quote from: Hoopaloop on July 20, 2011, 09:56:10 PM
The issue here is whether coaches were investing to buy access into recruits from this coach. That is what Tom Penders alleges and that is why the NCAA is now investigating.
His family and friends likely think his death is more the issue...but yes.... HERE, this will be an issue, ...as... 9 of the 11 investing coaches named, thusfar, got committed recruits from the AAU program, and ...yes... the NCAA is already doing some checking(see Mark Berman link below).
Buzz is not (yet) named, and MU hasnt ever had any players from there, but,...
as JayBee notes..."Couple of guys we've been involved with... 2012 Shaquille Cleare of the Houston Defenders 17U team.. and 2014 Justise Winslow (son of Ricky) of the 2014 Houston Select team that has been playing up in 16U."
It may be wise to reduce that involvement, lol....and Buzz..you should quietly walk away from any loss...your new contract will restore your wealth, soon enough.
Here is a link to Mark Berman's report. Historically, he has the best access, in Houston, to sources, and he will break the best sports stories, here...he is worth tracking, on this topic, as he already has on record info no else has published.Read:
http://www.myfoxhouston.com/dpp/sports/local/110719-ncaa-looking-into-david-salinas'-connections-in-college-basketball
Quote from: houwarrior on July 21, 2011, 01:27:13 AM
as JayBee notes..."Couple of guys we've been involved with... 2012 Shaquille Cleare of the Houston Defenders 17U team.. and 2014 Justise Winslow (son of Ricky) of the 2014 Houston Select team that has been playing up in 16U."
It may be wise to reduce that involvement, lol....
Let's not get too carried away! That 17U team is ridiculous... in addition to Shaquille, Andrew & Aaron Harrison, 2013 twins are 6'4" studs.. forward Derrick Griffin is athletic as can be.. another 2013 that fills up the highlight films... 2012 Christian Sanders is a traditional SG with a high IQ and capability to fill it up from deep.
..also playing for 2014 team is Big Daddy D's grandson, Khadeem Lattin... 6'9" and thin, but will get a bit bigger.. already an eraser and rebounder that can run the floor well.. along with Winslow, top notch looking 2014 kids.
Some of these kids will surely have interest in Marquette because of the great school it is and the wonderful program we have.
And because of the marvelous alums we all are.
Quote from: The Sultan of South Wayne on July 18, 2011, 10:26:16 AM
Actually, Buzz to me is almost exactly the type of guy who would lose out here. Very loyal...recently with $$$ after never having much before...
However, knowing Buzz he is much more concerned over the loss of a friend than the loss of a few $$$.
let's face it, yes buzz is very loyal, HOWEVER, once the tears dry up, the ole greiving process moves on-anger, ... hopefully this was coming to light as buzz was just beginning to realize his money and little if any had been sent salinas way,...yet. plus, buzz did have a good b.s. detector
Quote from: wyzgy on July 21, 2011, 06:27:20 AM
plus, buzz did have a good b.s. detector
did? what happened to it ? :o
Quote from: Homebrew101 on July 21, 2011, 09:21:05 AM
did? what happened to it ? :o
whoops-sorry, does have a good b.s. detector plus a good "money man" right boom?
Lawyers meeting with affected coaches in Las Vegas. Buzz was in Vegas this weekend.
http://espn.go.com/mens-college-basketball/story/_/id/6798601/lawyers-educate-coaches-affected-david-salinas-alleged-bond-scam
Quote from: Dr. Blackheart on July 24, 2011, 10:41:02 PM
Lawyers meeting with affected coaches in Las Vegas. Buzz was in Vegas this weekend.
http://espn.go.com/mens-college-basketball/story/_/id/6798601/lawyers-educate-coaches-affected-david-salinas-alleged-bond-scam
Every D1 coach in the country was in Vegas this weekend.
Buzz wasn't at his camp today either.
There are two VERY good reasons that Buzz isn't at the camp.
There are still two big time AAU tourneys going on; one in Vegas and one in Orlando. Every big time coach is at one or the other and their assistants are wherever they aren't.
Chill guys....he's just out doing what he's paid to do.
Quote from: Freeport Warrior on July 25, 2011, 04:23:46 PM
Buzz wasn't at his camp today either.
Bet Riley showed up, aina?
Quote from: Dr. Blackheart on July 24, 2011, 10:41:02 PM
Lawyers meeting with affected coaches in Las Vegas. Buzz was in Vegas this weekend.
http://espn.go.com/mens-college-basketball/story/_/id/6798601/lawyers-educate-coaches-affected-david-salinas-alleged-bond-scam
I bet these coaches AND lawyers get to write off the Vegas trip.
Quote from: 77ncaachamps on July 25, 2011, 10:40:37 PM
I bet these coaches AND lawyers get to write off the Vegas trip.
The coaches are there for recruiting. So their athletic departments are paying the bills. It would be a business expense for the lawyers.
Here is an updated list of Salinas investors...still no mention of Buzz.
http://sportsillustrated.cnn.com/2011/writers/pablo_torre/07/26/Salinas.investment.scandal/index.html?sct=cb_t11_a0
Today, in Houston fed ct., the SEC filed its lawsuit against Salinas' estate, Brian Bjork, and Bjork's investment co.
http://select-asset.com/management-team
...there may be some assets there for recovery.
http://espn.go.com/mens-college-basketball/story/_/id/6824980/securities-exchange-commission-lawsuit-targets-money-manager-linked-coaches
The SEC appears to be going for a receivership of all the assets..(I represented an SEC receivership, years ago)...they are like a Chapter 7...but lacking in many recovery powers...so, they're usually not very successful for the victims... the coaches involved should anticipate a small percentage recovery.
If Bjork doesnt off himself...he'll be wiped out financially, licenses lost, and barred from the business by a consent order, but...surprisingly, though, if he cooperates, with SEC...he may well avoid prison.
In some out of the box thinking -- could a coach release and compromise his lost investment claim, if the SEC arranges for a Houston Select recruit to come to his school? Heck, the only remainig assets of value...are the players....so, this coach says..."I'll drop my 7 figure claim, for a recruit, of my choosing--deal?... lol
Quote from: Jay Bee on July 21, 2011, 02:11:48 AM
Let's not get too carried away! That 17U team is ridiculous... in addition to Shaquille, Andrew & Aaron Harrison, 2013 twins are 6'4" studs.. forward Derrick Griffin is athletic as can be.. another 2013 that fills up the highlight films... 2012 Christian Sanders is a traditional SG with a high IQ and capability to fill it up from deep.
..also playing for 2014 team is Big Daddy D's grandson, Khadeem Lattin... 6'9" and thin, but will get a bit bigger.. already an eraser and rebounder that can run the floor well.. along with Winslow, top notch looking 2014 kids.
Flashback.. to 4.5 years ago.. time flies.
Shaq Cleare now at Texas after not getting a ton of run at Maryland...
The Harrison twins people know about...
Christian Sanders went to Stanford.. now a senior, not a great career...
Derrick Griffin... had academic issues.. wound up at Texas Southern playing football and bball (36 catches, 709 & 11 TD's as a redshirt freshman WR in football.. has been with the bball team for 4 games, has been very good - 114 Ortg, 22.4 usage, 60.4% eFG, 17% OR, 19% DR, sub-10% TO rate, 5.4 FD/40,
Justise Winslow people know about...
Khadeem Lattin - at Oklahoma.. 126 ORtg (only 14% usage), 10% OR, 20% DR, 7.4% to rate, 59.6% eFG
Quote from: houwarrior on July 18, 2011, 08:14:56 AM
BTW, to this point no sign of Buzz or MU involvement or loss....whew.
Danny Nee played for Al