More than a dozen current and former college coaches -- including Texas Tech's Billy Gillispie, Arizona's Lute Olson, Baylor's Scott Drew and Gonzaga's Mark Few -- are believed to have lost investments most recently valued at over $7.8 million combined with the late Houston-area businessman and AAU basketball operator J. David Salinas, sources close to the matter tell SI.com.
We had learned a few days ago that Gonzaga assistant Ray Giacoletti also had investments with Salinas but Few's name coming up definitely brings a whole new (and much bigger) spotlight to the story. While investigations will assuredly happen both by the SEC and likely the NCAA, SI's Pablo Torre hits the nail on the head with why this is such a perplexing scenario:
Now, as names of clients continue to surface in what looks to be a burgeoning financial scandal, another regulatory body may be compelled to enter the mix: the NCAA. No existing NCAA bylaw prohibits university representatives from investing in what they believe to be legitimate securities, but a conflict of interest would seem to arise when the head of a successful AAU program is also the person managing (and profiting from) those investments.
Will has done a great job reporting on this so far and we'll continue to update you with the latest.