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SEC charges ex-UGA coach Jim Donnan with fraud

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Not that SEC. The Securities and Exchange Commission.

Still, what a coincidence.

Not so cool? The fraud charges former Georgia coach Jim Donnanis facing from the SEC related to an $80 million Ponzi scheme in which he participated with co-defendant Gregory L. Crabtree. 

You can check out the entire summary HERE, but Donnan (as one of the defendants) has been hit with three counts of fraud and one count of unregistered offering of securities.

Donnan was a financial investor in a West Virginia-based company by the name of GLC Ltd., which was reportedly pitched by Donnan to others, including other football coaches, as a retail liquidation company. Instead, other investors sunk millions upon millions of dollars into the company, which never produced the ROI it promised.

Donnan and his wife, as well as GLC, have already filed for Chapter 11 bankruptcy. Donnan recently reached a settlement in that bankruptcy case.

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4 Responses to “SEC charges ex-UGA coach Jim Donnan with fraud”
  1. southernpatriots says: Aug 16, 2012 8:14 PM

    This day was long in coming, as the investigation was lengthy. Donnan was hoping that he would not be held responsible for the actions of the company or of Crabtree. If he spends a few more millions on attorneys and obtains the best, he may still escape conviction, but in that he recently declared bankruptcy, it would appear he does not have that kind of money to pay good defense attorneys.

    To his defense, it will look good for him that he paid restitution to many investors. This whole matter is sad. The old dictim to investors: “If an offer sounds too good to be true, it probably is..” is a good dictum to follow and should have been heeded by the many “investors” in this Ponzi scheme.

  2. sweepthleg says: Aug 17, 2012 2:01 AM

    He sold fraud to UGA fans for 3 years of Quincy Carter so the signs were there…. oh yeah Jasper Sanks too.

    Donnan knew how to sell shite to people.

  3. monosylab1k says: Aug 17, 2012 8:28 AM

    Couldn’t have happened to a more deserving POS.

  4. thraiderskin says: Aug 17, 2012 11:34 AM

    wow… I was really intrigued what a college athletics conference could possibly sue a former coach for. You have let me down…

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