Former Georgia coach Jim Donnan charged in alleged Ponzi scheme

Bill Carey
Thursday August 16th, 2012

Former Georgia football coach Jim Donnan has been charged with fraud for his alleged role in a Ponzi scheme, the Atlanta Journal Constitution reports on Twitter.


The allegations against Donnan surfaced in July 2011 during a bankruptcy case. The former coach is accused of helping to draw investors to a West Virginia-based wholesale liquidation company known as GLC Limited.

The SEC says the 100 or so investors, reportedly including other former college coaches, were promised extremely high returns by Donnan and a partner named Gregory Crabtree. Instead, the SEC says, the pair created a Ponzi scheme in which new investors were paid with money from old investors.

In June, Donnan reportedly reached a deal on a bankruptcy settlement with GLC Ltd. and the investors he brought in to the company.  

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