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 SI.com.

According to documents reviewed by SI.com, 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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