Nearly $31M in Claims Verified in Alleged Salinas Ponzi Scheme
At least 175 investors lost a total of $30.6 million in the alleged David Salinas
Ponzi scheme, and authorities say additional claims may still be uncovered.
In January, the SEC’s filing listed 89 investors and $10.2 million
in claims. The SEC’s latest filing, however, stated that the court-appointed
receiver, Steven A. Harr, has verified an additional 86 investors and
another $20.4 million in claims. Harr also stated that he’s only
about halfway through the verification process; additional claims will
likely be added in future filings.
David Salinas was a Houston money manager who allegedly orchestrated a
Ponzi scheme that cost 21 coaches, a Texas church, a New Mexico athletic
director, and other investors a total of more than $50 million.
He committed suicide on July 17 while under investigation by the SEC.
In its Aug. 2011 complaint, the SEC alleged that
Salinas and others solicited millions of dollars in investments in fraudulent
securities schemes, commingled investor assets, made undisclosed transfers, and failed to
conduct proper due diligence. Salinas allegedly enticed investors to part
with their funds by promising they could obtain safe,
fixed income through highly rated corporate bonds. Allegedly, however, the bonds were
never purchased. For additional information about the
David Salinas case, click here.