SEC Says Ex-Georgia Football Coach Ran $80M Ponzi Scheme

Law360, Los Angeles (August 16, 2012, 5:04 PM EDT) -- The U.S. Securities and Exchange Commission on Thursday accused former University of Georgia football coach Jim Donnan of orchestrating an $80 million Ponzi scheme, claiming he and a partner used his stature to get college coaches and former players to invest in a phony wholesale liquidation business.

Donnan, a College Football Hall of Fame inductee and TV commentator, and Gregory Crabtree convinced investors to pour millions into West Virginia-based company GLC Ltd., claiming investments would yield high returns and posed little to no risk, the SEC...
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