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Defense: Former UGA football coach Donnan thought investment opportunity was legitimate
Reported by: Associated Press
Wednesday, May 14, 2014 11:10 AM EDT
Defense attorneys said former University of Georgia football coach Jim Donnan was duped into a fraudulent investment scheme and invited his friends to join it because he thought it was a great opportunity.
Prosecutors say the 69-year-old and another man ran a fraudulent investment scheme from September 2007 to December 2010 through GLC Limited, a West Virginia-based company dealing in wholesale and closeout merchandise. Prosecutors say the pair promised high rates of return but paid investors with other investor money.
Prosecutors have said Donnan used his extensive personal and professional network to lure investors.
If convicted, Donnan could face a potentially lengthy prison sentence.