There’s a very bizarre story coming out of Ohio this week as former Georgia coach Jim Donnan has been accused of making millions of dollars off a Ponzi scheme stemming from a company by the name of GLC Ltd. (known as GLC Enterprises upon its foundation in 2004).
Court documents obtained by ESPN state that Donnan and his wife “solicited investments from more than 50 individuals and entities to GLC”, which Donnan reportedly “pitched” as a retail liquidation company and a re-seller of consumer products. In all, Donnan and his family — including Donnan’s children and their spouses — reportedly made roughly $14.5 million from GLC in the form of several “fraudulent transfers” to “James and Mary Donnan or their immediate family members.”
The company, however, filed for Chapter 11 bankruptcy in an Ohio federal court in February. Donnan and his wife then filed for bankruptcy earlier this month. The current operators of GLC filed a lawsuit against Donnan’s children and their spouses Thursday (Donnan’s lawyer, Edward Tolley, claims a suit against Donnan and his wife would be a direct violation of federal bankruptcy law).
Donnan’s role in GLC is currently being disputed in the suit. Tolley confirms that Donnan was an investor of over $5 million in GLC, but denies that his client was ever an officer in the company. Tolley also denies that Donnan knew he was involved in a Ponzi scheme.
Surprisingly, a few high-profile coaches were also mentioned as investors in GLC — Oklahoma coach Barry Switzer, Virginia Tech coach Frank Beamer, Texas State coach Dennis Franchione and Texas Tech coach Tommy Tuberville.
According to the ESPN report, “investors sank nearly $82 million dollars into GLC Enterprises but less than $12 million was spent on inventory and at least $13 million in investor money remains unaccounted for. With dwindling revenues, GLC eventually used money from new investors to pay old investors, which, according to the court documents, constituted a Ponzi scheme.”
Donnan, who is an ex-ESPN analyst, also coached under Switzer at Oklahoma and was the head coach of Marshall from 1990-95 before moving on to Georgia.
On off-field incident late last week will cost FAU one of the top offensive linemen in Conference USA moving forward.
Over the weekend, FAU confirmed that Reggie Bain sustained injuries that were described as “not life threatening” in a car accident Friday. However, the non-specified injuries will likely sideline the true junior offensive tackle for the entire 2016 season.
“I have been in constant contact and have visited with both Reggie and his family,” a statement from head coach Charlie Partridge began. “His FAU football family has surrounded him with support and will continue to do so. Out of respect for Reggie, his family and our team, all questions should only be directed to me. I know that inquiries may be well-intentioned, under the HIPPA law, and per the request of Reggie and his family, there is very little I can disclose.”
No details surrounding the accident have been released.
Bain has started all 24 games in his two-year career with the Owls, earning second-team all-conference honors following the 2015 season. Coaches made Bain a preseason all-league selection last month.
It appears someone else will have to ease the load for a newly-minted starter under center and a Heisman Trophy contender, at least in the very early portion of the season.
According to Jon Wilner of the San Jose Mercury News, Stanford head coach David Shaw has deemed it “unlikely” running back Bryce Love will play in the season opener Friday against Kansas State. Love sustained what was described as a lower-body injury at some point during summer camp.
The good news for the program and the player is, after the opener, the Cardinal goes on a bye before hosting 20th-ranked USC Sept. 17.
Wilner writes that “Love… is considered central to eighth-ranked Stanford’s efforts to take the pressure off new quarterback Ryan Burns and tailback Christian McCaffrey.” Burns has thrown one career pass and will be making his starting debut against K-State.
Last season, Love averaged 7.8 yards on his 29 carries. He added 15 receptions for 250 yards, and three total touchdowns (two rushing, one receiving).
South Carolina has seen one of the most experienced members of its secondary not only leave the program but the sport as well.
Rico McWilliams has decided to leave the Gamecocks and give up football, first-year USC head coach Will Muschamp announced Monday. No reason was given for the decision.
McWilliams had started 18 the past three seasons, but began to tumble down the depth chart in the spring and failed to gain much ground in summer camp. He had left camp early on for what were described as personal reasons, but eventually returned.
“I am back with the team and have to stay focused,” the cornerback said just three days ago.
As a redshirt junior last season, McWilliams started 10 of USC’s 12 games, the lone exceptions being the contests against Georgia and Texas A&M. He was credited with 32 tackles, two pass breakups and a fumble recovery.
Additionally, Muschamp announced that redshirt freshman wide receiver Christian Owens had left his team as well. A three-star 2015 signee, Owens didn’t play as a true freshman.
Via social media, Jim Harbaugh has attempted to walk back some of his strong talk.
Monday, the Michigan head coach was asked to comment on one of his former San Francisco 49er players, Colin Kaepernick, who kicked up quite the controversy this past week by sitting down during the playing of the national anthem to protest what he believes to be the mistreatment of African-Americans in this country. Not surprisingly, the outspoken Harbaugh didn’t mince many words.
“I acknowledge his right to do that, but I don’t respect the motivation or the action,” the coach said.
A short time later, Harbaugh took to Twitter to offer a clarification that he had no issue with Kaepernick’s motivation, merely his methods.