Ponzi Scheme Hurts U. of Houston Athletic Fund

The Houston Athletics Foundation, an endowment that supports athletics programs at the University of Houston, lost more than 40 percent of its assets to a Ponzi scheme, the Associated Press reported. More than $2.2 million of the endowment's $5.1 million had been invested with a financial adviser for college basketball coaches who is believed to have set up the scheme and who committed suicide last summer.