Sure Hope Buzz Wasn't One of the Coaches

[texaswarrior74]

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

[HouWarrior]

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

[Windyplayer]

but they're going to try to deny it and just hope it doesn't come out.

Trailblazing!

[HouWarrior]

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.

[Freeport Warrior]

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.

[HouWarrior]

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.

[Benny B]

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.

[GGGG]

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 $$$.

[PJDunn]

Even if Brent had gotten buzzed, he is still in decent financial shape. 

[Freeport Warrior]

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.

[HouWarrior]

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.

[Jay Bee]

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. 

[BUzz Willliams 4 Mayor]

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.

[bilsu]

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.

[Freeport Warrior]

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.

[kmwtrucks]

Buzz uses a attorney but not a agent.

[dw3dw3dw3]

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.

[bilsu]

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.

[Freeport Warrior]

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.

[HouWarrior]

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.

[TedBaxter]

http://sportsillustrated.cnn.com/2011/basketball/ncaa/07/19/coaches.investment/index.html

Article today with some dollar amounts.

[Freeport Warrior]

Heard today the total was $70M plus -- not just coaches

[brewcity77]

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 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.

[Pakuni]

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.

[HouWarrior]

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