Hall of Fame Football Coach Donnan Accused in Ponzi Scheme
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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 former players and fellow coaches.
Donnan, who became a television commentator for ESPN after leaving coaching, and a business partner siphoned more than $8 million while misleading investors in their West Virginia-based business GLC Ltd., 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 in the complaint.