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Investors: Former UGA football coach Donnan who's on trial promised huge returns, little risk
Reported by: Associated Press
Reported: Friday, May 9, 2014 2:19 PM EDT
Several investors testified that the former University of Georgia football coach on trial on fraud charges assured them the investment opportunity he was pitching carried virtually no risk and would bring tremendous returns.
Donnan faces charges of conspiracy, mail fraud and wire fraud. He and another man are accused of running a scheme through GLC Limited, Inc., a West Virginia-based company dealing in closeout merchandise.
Prosecutors say Donnan falsely told investors that they were investing in "presold deals" when he and his partner were actually buying merchandise and then looking to sell it.