North Carolina businessman Rick Siskey committed suicide in December before it was revealed he was operating a Ponzi scheme with TSI Holdings which cost investors more than $21 million. A bankruptcy filing revealed some prominent college basketball figures among the creditors.
Wichita State head basketball coach Gregg Marshall had $200,000 invested. Former CBS college basketball announcer Billy Packer was among the top investors with $1.3 million.
College coaches getting caught up in Ponzi schemes and bad property deals is not uncommon. Barry Alvarez, for example, lost at least $1 million investing with Nevin Shapiro.