Report: Billy Gillispie invested $2.3 million in scheme

Sports Illustrated is reporting that former Kentucky basketball coach Billy Gillispie lost as much as $2.3 million in the Ponzi scheme that entrapped several basketball coaches.

An excerpt:

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

According to documents reviewed by, the value of Gillispie’s investment alone was purported to be $2.3 million; Olson’s, $1.17 million; Drew’s, $621,000; Few’s, $353,000.

Salinas committed suicide on Sunday.

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