Skip to content

Kentucky Sports Radio

University of Kentucky Basketball, Football, and Recruiting news brought to you in the most ridiculous manner possible.

Ponzi Scheme Burns Gillispie The Worst

F0rmer Kentucky coach Billy Gillispie was named by CBS Sports as a participant in a Ponzi scheme organized by an AAU team founder, which took advantage of college coaches.  And according to a story by Sports Illustrated, Gillispie wasn’t just a part of it.  He was the biggest victim.  In fact, he contributed nearly double the money of the second largest contributor, former Utah head coach Ray Giacoletti.  Here is who has been revealed to have been involved and what they gave to Houston Elite founder David Salinas, who committed suicide over the weekend.

Billy Gillispie (Texas Tech): $2.3 million
Ray Giacoletti (former Utah head coach, current Gonzaga asst.): $1.2 million
Lute Olson (former Arizona coach): $1.17 million
Willis Wilson (Texas A&M-Corpus Christi): $642,000
Scott Drew (Baylor): $621,000
Grey Giovanine (Augustana College) $533,000
Mark Few (Gonzaga): $353,000
Doc Sadler (Nebraska): $38,000

Regardless of the victim, losing $2.3 million is ridiculous. But it’s even more absurd when you consider this: Billy Gillispie’s contract with Kentucky was reported to be for $2.3 million annually over the course of seven years. If you assume he made the same salary every year, which is most likely not the case, he essentially lost an entire year of pre-tax salary in the scheme. Or, roughly 79% of his settlement money.

And what could be even more damning for Clyde is that the Salinas Ponzi scheme is apparently not the Jim Donnan Ponzi scheme that is reported to have defrauded guys like Barry Switzer, Frank Beamer, Tommy Tuberville and, yes, Billy Gillispie of over $27 million. That means Clyde has another chunk of runaway money that’s yet to be determined.

Ouch.

Article written by Thomas Beisner

47 Comments for Ponzi Scheme Burns Gillispie The Worst



  1. Guck Foodman
    9:34 pm July 19, 2011 Permalink

    What an idiot.



  2. Manbearpig
    9:40 pm July 19, 2011 Permalink

    So this is the real reason he sobered up….right?



  3. john4uk
    10:00 pm July 19, 2011 Permalink

    As P.T.Barnum so eloqurntly said”There’s a sucker born everday.”And Clyde certaintly heads the list.Another good one,” A fool and his money are soon parted.”



  4. SexnNursinHomes
    10:00 pm July 19, 2011 Permalink

    So basicially UK gave the money to Salinas. Seriously.



  5. catfan68
    10:00 pm July 19, 2011 Permalink

    After BCG lost all that money, he will now only be able to afford cheap wine in a box.



  6. Robshairgel
    10:06 pm July 19, 2011 Permalink

    Don’t feel sorry for someone who invested that much money with obviously little to none research.Someone should put him in the bathroom stall for this!on second thought nevermind he was just a ass period! Looks like he’ll be eating pop tarts for awhile 🙂



  7. Festus
    10:08 pm July 19, 2011 Permalink

    No more night golf for Billy G. Gotta suck!



  8. Claud Bawls
    10:11 pm July 19, 2011 Permalink

    I still can’t believe Mitch hired this guy.



  9. FlashOfBlue
    10:17 pm July 19, 2011 Permalink

    7. Just the opposite….he can only afford to play golf at night.



  10. Epic failure
    10:19 pm July 19, 2011 Permalink

    EPIC FAILURE!



  11. ebell55
    10:23 pm July 19, 2011 Permalink

    No wonder he’s a drunk! A fool and his money shall soon part!



  12. Diller
    10:29 pm July 19, 2011 Permalink

    That’s F’n hilarious! …the post I mean



  13. BPsycho
    10:31 pm July 19, 2011 Permalink

    #4 I once gave money to a stripper for something, and she never came back…

    Exact same thing lol



  14. Yesterdays
    10:32 pm July 19, 2011 Permalink

    I feel real sorry when someone underperforms by about, oh, 50% and then receives an entire year’s worth of salary. I’d love to party with Clyde, but he really f’ed our program up. Is this payback?



  15. Dr. Feel
    10:36 pm July 19, 2011 Permalink

    Did this provoke Clyde’s drinking pattern’s? Was he so intoxicated he got out toughed to the sum of 2.3 Million. No wonder he kept the red-ass 24-7.



  16. E Cat
    10:43 pm July 19, 2011 Permalink

    I remember when some folks bragged on how smart Billy G. was. He seems like the type who often outsmarts himself. Worst hire UK football or basketball, hands down. Maybe the worst UK athletics hire ever.



  17. 2020
    10:44 pm July 19, 2011 Permalink

    I think we can all agree that BCG is just not a good judge of basketball skills or character.



  18. Jorts
    10:46 pm July 19, 2011 Permalink

    I wonder if he threatened to make Salinas stand in a bathroom stall when he visited his house last week.



  19. GoCats2010
    10:50 pm July 19, 2011 Permalink

    That puke in a pumpkin orange>BCG

    HE’S SOOO AWESOME!!! HE EATS PEANUT BUTTER CRACKERS AND DRINKS DR. PEPPER ALL DAY!!!

    smh



  20. corky from life goes on
    10:51 pm July 19, 2011 Permalink

    Durrrr, dis guy make me look realwy realwy smawt durrrr!



  21. echo 1
    10:51 pm July 19, 2011 Permalink

    Somewhere, Bernie Madoff is laughing his ass off right now.



  22. GoCats2010
    10:56 pm July 19, 2011 Permalink

    EVERYONE check picture 8 in this slide show of the tennis match today!

    Tell me Coach Mitchell doesn’t look like Coach Brooks

    http://www.kentucky.com/2011/07/19/1817290/jorts-takes-to-the-tennis-courts.html



  23. Blue Virus
    10:57 pm July 19, 2011 Permalink

    20- i hope you burn in hell. making fun of retarded people is not cool.



  24. kfund
    11:09 pm July 19, 2011 Permalink

    Guess he didn’t drink the money away, but he did piss it away anyway.



  25. U of Smell sucks
    11:21 pm July 19, 2011 Permalink

    I’m nobody’s judge, but I will say that Billy Gillispie sure has had opporunities in life that not many people can say they’ve had. For instance, he was HEAD coach at UK!!! How crazy is that??? This man had it all, but threw it all away. As a Christian, I can’t help but feel sorry for the guy. But I’m sure thankful to GOD he’s gone from KENTUCKY.

    GO BLUE



  26. oldkentucky
    11:25 pm July 19, 2011 Permalink

    I hope Billy Clyde does well in all of his future endeavors. He coached at Kentuky so he can’t be stupid.



  27. Calipari'sInYourEar
    11:25 pm July 19, 2011 Permalink

    #3 – john4uk – PT Barnum never said that. The quote was created by his competitor to give him a bad name.



  28. mocha
    11:33 pm July 19, 2011 Permalink

    Karma is a bitch.



  29. Mr Handsome
    11:37 pm July 19, 2011 Permalink

    26. Yes, hes stupid



  30. BPsycho
    11:37 pm July 19, 2011 Permalink

    #23 There’s no burning in hell… “It’s more of a smoulder”



  31. BPsycho
    11:45 pm July 19, 2011 Permalink

    #27

    “Money is a terrible master but an excellent servant” – P.T. Barnum

    “Without promotion something terrible happens… Nothing!” – P.T. Barnum, W.W.W



  32. Pauly B
    11:55 pm July 19, 2011 Permalink

    Poor guy sure has had a rough 2-3 years. UK failure, DUI, Mom dying, defrauded, and continuously humiliated in the public eye. Give the guy a break, UK Bball is at an apex, yet you 5% UK fans (the 5% that make the other 95% look bad) still bash and hate.



  33. Calipari'sInYourEar
    11:56 pm July 19, 2011 Permalink

    Beisner – This was no Ponzi scheme that involved Salinas. He was a personal investment advisor who managed peoples money. When Salinas reported that he purchased bonds for his clients while producing receipts there are no records of the transactions according to the SEC.

    Let’s just call it Salinas a high faluten yellow bellied swindler for now.



  34. BP
    12:55 am July 20, 2011 Permalink

    Sorry… someone in my fam did their undergrad at uk and grad school at ut-austin, so i have a soft spot in my heart for the horns, honestly ive liked them since tj ford, Kevin D., Vince, or Colt…. so i think if UK had any smarts it would have done this a long time ago with ESPN for exclusive Mens B-Ball rights… #justsaying



  35. bung
    6:28 am July 20, 2011 Permalink

    Pratt for AD



  36. SexnNursinHomes
    6:35 am July 20, 2011 Permalink

    13- hahahaha



  37. BravoBigBlue
    7:20 am July 20, 2011 Permalink

    Billy is a TOTAL FU who keeps getting second chances. What is it about this guy that makes other people stupid?



  38. Billy Gillispie
    7:32 am July 20, 2011 Permalink

    “I spent all my money on beer and women, and the rest…I just wasted”



  39. 101blue
    7:50 am July 20, 2011 Permalink

    So, would you consider the 2.3mil from UK as “un-earned funds”.



  40. HackRichards
    7:56 am July 20, 2011 Permalink

    Easy Come Easy Go. he did not really earn that money anyway now did he?



  41. Kwildcat
    9:03 am July 20, 2011 Permalink

    stupid never goes out of style…..bet Jorts is cryin his eyes out



  42. GummyBear
    9:10 am July 20, 2011 Permalink

    21.. That somewhere is Federal Prison. He’s probably not laughing too hard these days.



  43. GummyBear
    9:12 am July 20, 2011 Permalink

    33.. That’s what a Ponzi Scheme is.



  44. GummyBear
    9:13 am July 20, 2011 Permalink

    38.. That’s a great quote. I forget who originally said it, but it makes me laugh every time.



  45. Buckets
    12:56 pm July 20, 2011 Permalink

    I hate to say this because that sucks but LMFAO! You can’t teach that kinda stupid! That there’s a gift from God!!!!! Don’t look a gift horse in the mouth, especially when God himself/herself/itself gave you that one!



  46. Garrett
    4:20 pm July 20, 2011 Permalink

    Remind me again how this idiot ever became the head basketball coach???



  47. comments
    10:18 am July 21, 2011 Permalink

    where ru?