The United States Securities and Exchange Commission charged former football player, Hall of Fame coach, and current college football analyst and motivational speaker Jim Donnan as part of an $80 million Ponzi scheme that defrauded other college coaches and former players.
The former coach at Marshall University and the University of Georgia, along with his partner Gregory Crabtree, promised investors high returns, but only a small percentage of the money raised was actually used for the original business purposes. The rest of the funds were used to pay fake returns to early investors or used for their own purposes. According to the SEC, the scheme collapse in 2010.
Read the full article at Bloomberg.com.
Written by Lulaine Compere.