Jim Donnan Reportedly Involved in Ponzi Scheme
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Donnan Accused of Organizing Ponzi Scheme

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A former University of Georgia football coach who has filed for bankruptcy protection has been accused of participating in a Ponzi scheme.

Jim Donnan, a former football coach at the University of Georgia, has been accused of making millions of dollars from a Ponzi scheme that also benefited his wife and three children, according to multiple reports.

Documents filed last week in an Ohio bankruptcy court are part of a larger case involving the company GLC Ltd., which attracted investment from several high-profile coaches, including former University of Oklahoma and Dallas Cowboys coach Barry Switzer and Virginia Tech football coach Frank Beamer.

According to court documents, Donnan and his wife, Mary, solicited investments from more than 50 people and entities to GLC and made 15 to 20 percent commissions for any new investments they secured. The couple themselves invested more than $5.4 million in the company.

"James Donnan is substantially, if not principally, responsible for the initiation and operation of a far-reaching Ponzi scheme that defrauded GLC and its investors of approximately $27,752,159," the court documents state.

The Donna's and their family made more than $14.5 million from GLC. They reportedly told investors GLC was a retail liquidation company specializing in the re-sale of consumer products. Court documents state that investors gave about $82 million to the company, at least $13 million of which remains unaccounted for.

Donnan was a well known college football coach who worked at Marshall University before coaching at the University of Georgia between 1996 and 2000. Donnan was inducted into the College football hall of fame in 2009.


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