Jim Donnan, a Hall of Fame football coach who led teams at
the University of Georgia and Marshall University, is facing regulatory claims
that he helped run a Ponzi scheme that defrauded fellow coaches and former
players, Bllomberg reports.
Donnan, who became a television commentator for ESPN after
leaving coaching, and a business partner siphoned more than $8 million for
themselves while misleading investors in their West Virginia-based business GLC
Limited, the U.S. Securities and Exchange Commission said in a complaint filed
in federal court in Atlanta. Donnan, 67, and Gregory Crabtree, 50, paid
fraudulent returns from investor funds, the SEC said.
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