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Former Georgia coach accused in Ponzi scheme

POSTED: July 18, 2011 2:50 p.m.

ATLANTA — A former University of Georgia football coach has been accused in court documents of making millions of dollars from a Ponzi scheme.

 

The federal documents filed this week in bankruptcy court in Ohio contend that Jim Donnan and his wife, Mary, attracted investments for GLC Ltd., which filed for bankruptcy in February.

 

The documents claim the Donnans made commissions for new investments. It claims Donnan invested more than $5.4 million in the company and that his family ultimately made more than $14.5 million.

 

Donnan and his wife filed for bankruptcy protection this month. GLC is being restructured, and the documents were filed by the company's current operators.

 

Donnan's attorney, Ed Tolley, didn't return calls seeking comment Saturday, but he has denied allegations of wrongdoing.

 

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