The David Salinas story takes its next turn.
Monday, according to the Associated Press, the Securities and Exchange Commission (SEC), filed a lawsuit in Houston that ordered all of Salinas' assets to be frozen. It was an expected move, one that's come, thankfully, pretty quickly in the wake of this tragedy; Salinas killed himself just over two weeks ago.
The Texas State Securities Board says the suit targeting the estate of David Salinas was filed Monday in U.S. District Court in Houston. It says the suit also asks for the appointment of a temporary receiver to oversee the estate and several related companies. ... The Texas agency also says it's seeking to revoke the license of a related money manager.
A number of coaches who were affected by Salinas' Ponzi scheme have met with lawyers, and the process of figuring out how much -- if any -- of their money can be retrieved is just beginning. For now, Salinas' collectible/retrievable income, assets included, will be overtaken by the government. Where it goes from there, I have no clue; this is about as lawyer-unfriendly of a college hoops blog as you're going to find.
The question that now hangs: Is this move by the SEC good for the coaches? I think one thing might have little to do with the other. And now Brian Bjork, a right-hand man for Salinas who was identified in a recent Sports Illustrated story, seems will become the central target. He was heavily affiliated with the fraudulent company in question, J. David Financial, which subpoenaed by the SEC.
Salinas killed himself last month, and the effects of that have been felt through sadness, guilt, shame and regret within the college basketball coaches community ever since. They remain confused and conflicted over the tragedy, which few saw coming until it was too late.