Published June 25, 2012 - 8:26am
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Remember former UGA coach Jim Donnan? He’s been out of sight and out of mind for quite a while until his name resurfaced Saturday, and not on good terms.
The former coach was accused of making millions of dollars off of a Ponzi scheme from a company named GLC Ltd. He used to be a major investor with the company that ultimately made money in retail liquidation.
Per AP, “The deal would require Donnan to repay $7.35 million to retail liquidation company GLC Limited, which says it’s owed more than $13 million by the ex-coach. Donnan would also agree to repay 80 percent of the losses of investors he recruited for GLC. Investors had filed claims saying Donnan owned them about $27 million.”
Donnan was, of course, the UGA coach from 1996 to 2000, and he is also an ex-ESPN analyst.
GLC Ltd. says that Donnan not only profited from the money he put into the company, but he also charged commissions to nearly 20 percent for recruiting fellow college coaches to invest money in the company as well.
Donnan has denied he was ever a part of the scheme, and he has not been charged with any criminal wrongdoing.