Former College Football Coach Accused of Running a Ponzi Scheme

The following is an excerpt from an article in 

The New York Times
Friday, August 17, 2012

Former College Football Coach Accused of Running a Ponzi Scheme

By PETER LATTMAN

Federal regulators have accused a Hall of Fame college football coach of running a Ponzi scheme that defrauded fellow coaches and his former players.

Jim Donnan, a head coach of Marshall University and the University of Georgia during the 1990s, is accused of working with an Ohio businessman to cheat investors out of $80 million.

The Securities and Exchange Commission filed a civil lawsuit in Federal District Court in Atlanta on Thursday seeking to recover the money and impose a penalty on Mr. Donnan, who lives in Athens, Ga., and his partner, Gregory L. Crabtree of Proctorville, Ohio.

In court filings, the agency said victims included Barry Switzer, the former Dallas Cowboys coach; Kendrell Bell, the former Pittsburgh Steelers linebacker who played for Mr. Donnan at Georgia; and Billy Gillispie, the former University of Kentucky basketball coach.

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