Ex-UGA football coach accused in Ponzi scheme

Thursday, Aug 16, 2012 11:08 AM
Last updated 11:11 AM
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ATLANTA — The U.S. Securities and Exchange Commission is accusing former University of Georgia football coach Jim Donnan of conducting a Ponzi scheme.

Jim Donnan
Jim Donnan

The S.E.C. said in a statement today that Donnan worked with an Ohio man to conduct an $80 million Ponzi scheme. The agency said other college coaches and former players lost millions of dollars in the scheme.

Federal regulators say Donnan orchestrated the fraud with his business partner through West Virginia-based GLC Limited.

Donnan led teams at Marshall University and the University of Georgia and later became a television commentator.

William P. Hicks, associate director of the SEC’s Atlanta office, says Donnan and his partner convinced investors to pour millions of dollars into a business they said was unique and profitable with huge potential and little risk.

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kiwiinamerica 08/16/12 - 11:56 am
The adulation accorded to

The adulation accorded to football coaches is ridiculous. It's an essentially frivolous occupation which adds little to the human endeavor and for which they're paid a fortune. Easy money.....just like a Ponzi scheme.

I doubt Donnan has done a real day's work in his entire life. After he quit coaching he was yapping on ESPN as a ..*cough*...."analyst".

If the trial is in Georgia, he'll walk. Guaranteed. Oh yeah...er.....GO DAWGS!!!

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