The FBI announced Tuesday that 10 people, including four college basketball assistant coaches, were arrested as part of a two-year investigation into bribes and other corruption in the sport.
Assistant coaches from Arizona, Auburn, Louisville, Miami, Oklahoma State and USC were implicated in the investigation, and on Wednesday, Louisville announced that athletic director Tom Jurich and longtime basketball coach Rick Pitino have been placed on administrative leave.
Joon H. Kim, acting U.S. Attorney for the Southern District of New York, told reporters that the investigation is ongoing. There might be additional arrests, and more schools might be involved.
Court records and sealed complaints released by the U.S. Attorney’s office reveal an elaborate, clandestine FBI investigation that has involved wiretaps, surveillance video, undercover agents and cooperating witnesses. Here is a look at some of the findings:
First, the advisers and coaches
On May 6, 2016, Louis Martin “Marty” Blazer III, a Pittsburgh-based financial adviser, was charged by the Securities and Exchange Commission with wire fraud and accused of siphoning $2.35 million from the accounts of several professional athletes in order to invest in movie projects and make Ponzi-like payments. According to the SEC’s complaint, when its examiners uncovered the unauthorized withdrawals and asked Blazer to explain them, he lied and produced falsified documents in an attempt to hide his misconduct.
The Securities and Exchange Commission alleged that Blazer, who founded Blazer Capital Management as a concierge firm targeting pro athletes and other high-worth individuals as clients, took the money from five clients without their authorization from October 2010 to January 2013 to invest in two movie projects. The commission alleged that Blazer had personal financial interest in the development of the films “Mafia the Movie” and “Sibling.”
The commission’s complaint said Blazer pitched the movie project to…