Prosecutors: Ex-UGA coach operated fraud scheme
Yahoo! Sports 60+ SHARES
Former University of Georgia football coach Jim Donnan abused the trust of friends and fellow coaches to lure them into an $80 million fraud investment scheme, a federal prosecutor said Tuesday.
The conflicting portraits of Donnan, 69, were outlined during opening statements in his trial on charges including conspiracy, mail fraud and wire fraud.
An indictment said Donnan and Gregory Crabtree, of Proctorville, Ohio, ran the scheme through GLC Limited Inc., a West Virginia-based company that dealt in closeout merchandise.
The pair sold short-term investments and promised investors rates of return ranging from 50 percent to 200 percent, prosecutors said.
Among the coaches Donnan was accused of helping attract were Texas State football coach Dennis Franchione; Virginia Tech football coach Frank Beamer; ex-Dallas Cowboys coach Barry Switzer, Cincinnati football coach Tommy Tuberville and North Carolina State basketball coach Mark Gottfried, according to filings in a separate federal case.