US regulators accuse ex-UGA coach of Ponzi scheme - Atlanta News, Weather, Traffic, and Sports | FOX 5

US regulators accuse ex-UGA coach of Ponzi scheme

Posted: Updated:

The U.S. Securities and Exchange Commission is accusing former University of Georgia football coach Jim Donnan of conducting a Ponzi scheme.

The S.E.C. said in a statement Thursday 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.


Copyright 2012 The Associated Press.

Powered by WorldNow

1551 Briarcliff Rd., NE
Atlanta, GA 30306

Main Number: (404) 875-5555
News Tips: (404) 898-0100

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices