Late Money Manager Wrote Coach into Life Insurance

By: Associated Press Email
By: Associated Press Email

DALLAS - The Texas financial adviser who committed suicide last year as federal investigators probed his management of college coaches' money changed his life insurance less than a month before his death to make former University of Houston football coach Bill Yeoman the beneficiary of $1.8 million.

The decision by David Salinas to redo the policy could have allowed Yeoman to recoup his losses in what the Securities and Exchange Commission alleges was a $39 million Ponzi scheme, but the Hall of Fame coach declined to claim the money.

Salinas was found dead in his suburban Houston home last July. Two weeks later, the SEC filed a lawsuit alleging he defrauded more than 100 investors.

The change in Salinas' insurance was detailed in a court document filed this week.

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