Tim Jankovich, men's basketball coach at Illinois State, invested $184,000 with David Salinas, the now infamous Houston money-manager who reputedly scammed nearly two dozen coaches, a Texas church, a New Mexico athletic director, and numerous other investors out of nearly $55 million. According to Sports Illustrated, Jankovich was one of 21 coaches who invested with Salinas.
Salinas, chairman of the J. David Financial Group, committed suicide on July 17. Prior to his death, he had been under investigation by the SEC.
According to an article by Sports Illustrated, Salinas solicited investments by promising investors their funds would be invested conservatively in a variety of U.S. corporate bonds. Allegedly, the bonds never existed, and Salinas issued fraudulent statements to investors in order to cover up the scam. (For more information, read the article here.)
"[Salinas] was a close friend and somebody I thought we could trust," a college basketball coach and investor in Salinas' bonds told SI. "The hardest part for me is knowing I was deceived for so long."
Salinas was not a registered investment adviser. No information can be obtained from the SEC at this time.