Few, Giacoletti Invested Money In Possible Ponzi Scheme - SWX Right Now-Sports for Spokane, CdA, Tri-Cities, WA

Gonzaga Basketball

Few, Giacoletti Invested Money In Possible Ponzi Scheme

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Gonzaga head coach Mark Few reportedly invested more than $300,000 with David Salinas, who committed suicide after being questioned for fraud by the SEC (Photo: FILE / SWX) Gonzaga head coach Mark Few reportedly invested more than $300,000 with David Salinas, who committed suicide after being questioned for fraud by the SEC (Photo: FILE / SWX)

Another report surfaced Tuesday showing Gonzaga head coach Mark Few supposedly invested $353,000 in an alleged ponzi scheme run by David Salinas, who committed suicide on Sunday just days after being questioned by the Securities and Exchange Commission on allegations of fraud.

The report came out a day after it was revealed current Gonzaga assistant coach Ray Giacoletti was also an investor. Sports Illustrated reported he had invested $1.2 million with Salinas, who was also the operator of an AAU basketball program in the Houston area.

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Few and Giacoletti were two of many coaches who worked with Salinas. SI.com reported former Arizona coach Lute Olson's investment was $1.17 million and Texas Tech coach Billy Gillispie had an investment worth $2.3 million. Other coaches involved include former Rice coach Scott Thompson, Baylor's Scott Drew, Nebraska's Doc Sadler and others.

Giacoletti told SWX in a statement Monday that he "had invested with [Salinas] for the past 22 years," and that his "heart goes out to his family and friends".

On Tuesday a spokesman for Gonzaga said: 

"This is a tragic event that impacts the family and friends of David Salinas. The Securities and Exchange Commission is investigating the matter as it is not a basketball matter. We sympathize with all of those whose lives have been affected by this shocking event."

The NCAA has yet to launch an investigation into the matter, and currently there is no rule prohibiting what kind of investment coaches can make. Timing of the SEC investigation is suspect however, given that several players connected to Salinas' AAU basketball program in Texas wound up at college programs led by coaches who had investments with Salinas. Demetri Goodson played at Gonzaga before he transferred to Baylor this year to play football. Other players connected to Salinas include Henry Dugat (Baylor), Jawan McClellan (Arizona), Alonzo Edwards (Nebraska, North Texas), Louis Truscott (Nebraska, Houston), Rodney Williams (Nebraska), Justin Wiggins (Tulsa), Joseph Jones (Texas A&M).

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