Former Georgia football coach Jim Donnan has been accused of operating a multi-million dollar Ponzi scheme through a fraudulent business he created.
Reportedly, a company known as GLC Enterprises was launched as a start-up in 2004. The company thrived off of investments made by prominent sports figures that included former Oklahoma and Cowboys coach Barry Switzer, Virginia Tech coach Frank Beamer, and Texas Tech coach Tommy Tuberville.
The court documents said that Donnan and his wife were able to secure investments from around 50 different parties. Between these 50 parties there reportedly around $82 million invested in GLC Enterprises and get this...$13 million of the money has not been found.
Talk about a SPORTS BERNIE MADOFF SCHEME going on here.
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