(Updates with order of the judge in seventh paragraph.)
August 1 (Bloomberg) - The U.S. Securities and Exchange Commission sued the estate of David Salinas j., an investment manager who committed suicide last month, citing his companies ran a Ponzi scheme, selling investors bonds that did not exist.Salinas, through its companies select asset management and group of David j., defrauded investors of more than 50 million dollars in 2004 to the present, the SEC said in a lawsuit filed today in federal court in Houston. "The Agency also sued Brian a. Bjork, Chief Investment Officer of select active."The SEC said that Bjork and Salinas promised to secure investors, debt to invest in highly rated corporate and other bonds with annual yields of up to 9 percent, "." "In reality, the corporate group of David bonds offer j. was false".Investors include many college basketball coaches including Lute Olson, former coach at the University of Arizona and Baylor University coach Scott Drew. "Salinas was one of the founders of a basketball program of summer's elite high school in Houston and a donor to the University sports programs".I've invested with David and he has been a friend for a while, "Olson said in a statement on July 20 after the death of Salinas." "But not spend money until after of had withdrawn from the training." "I, like many coaches and other individuals, invest with Mr. Salinas with the sole intention to offer long term financial security for my family," Drew said in a statement.Return active SEC asked the Court to freeze the assets of the estate, business and Bjork "to ensure the eventual return of assets to their rightful owners". United States District Judge Keith p. Ellison agreed to that request and set a hearing for August 10. "Ellison also ordered the defendants and anyone working with them not to destroy documents relating to transactions or assets."Our enforcement action seeks to put an end to an alleged scam that took millions of dollars of more than 100 investors, "said Robert Khuzami, director of the Division for the application of the SEC."Brian has been supplying information and documents to the SEC but has not been interviewed, "Matt Hennessy, Bjork lawyer, said in a phone interview." "At this point, Brian plans to continue to cooperate with the investigation", said. "Friend '"David Salinas had established relationships with various coaches before that Brian never entered the picture,"said Hennessy." Bjork was introduced to Salinas by a mutual friend former Cornell and Rice University basketball coach Scott Thompson, who Hennessy described it as "an old friend of David".J. Randle Henderson, a lawyer for select Asset Management, said that could not immediately comment on the lawsuit because it has just received the complaint.Salinas, 60, was found dead of a gunshot wound on July 17 at his home in the suburb of Friendswood, Texas Houston. The death was ruled a suicide, according to published reports. Kathleen Galloway, a lawyer from the SEC, said in presenting today a Galveston County Prosecutor said his July 17 that the death was "apparently a suicide.""The SEC said investors sold corporate bonds which were issued monthly account statements to reflect their holdings."Neither salt nor Bjork, the Group of David j., j. David financial, select active, or otherwise, had never really acquired the bonds which is reflected in the statements of account, "The SEC said.""The supply of bonds was a farce."Bjork 'dismayed' "David Salinas carried out transactions of bonuses for the financial group J David companies", said Hennessy, Attorney of Bjork. "Brian knowledge what did David came from David solo." Brian did not have any indication that David was to mislead its investors. "Brian was surprised to know the level of deception of David".Hennessy said position of Bjork as Group senior Vice President, j. David was a position not paid, which collaborated with the company that sells insurance athletic to colleges and universities for their sports teams.The SEC has been investigating companies Salinas for several months, according to court documents filed by Galloway. This included the sending of requests for documents relating to transfers, loans or investments, he said.The SEC received several records on July 8, 2011, with lack of documents. None of these documents have been provided yet, she wrote. 'Struggling Financially' Henderson, counsel select active, informed the SEC that "Bjork now doubted the existence of the bonds," because Bjork and other two employees "they searched the Office of David j. and not found any evidence of the existence of the bonds," said Galloway. "" There are indications Salinas and David j. fought financially ", he wrote."According to Henderson, the trio has found a handwritten note, supposedly from Salinas, "said." "In the note, Salinas claimed responsibility for all transactions, correspondence and sales activities".Undated handwritten note was presented in Court today with the affidavit of Galloway. Employees "perform their functions with unsuspecting consequences," Salinas wrote in the note. "He had total authority."The case is SEC v. Bjork, 11-cv-02830, United States, Southern District of Texas (Houston) District Court.-Assisted by Rob Gloster in San Francisco. Editors: Andrew Dunn, David e. Rovella
To contact the reporters on this story: Margaret Cronin Fisk in Southfield, Michigan, at mcfisk@bloomberg.net; Laurel Brubaker Calkins in Houston in laurel@calkins.us.com
To contact the editor responsible for this story: Michael Hytha in mhytha@bloomberg.net
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