August 16, 2012
In this July 18, 2009, file photo, Jim Donnan, former coach at Marshall and Georgia 1990-2000, waves to the crowd after receiving his blazer during the College Hall of Fame pep rally in South Bend, Ind. The U.S. Securities and Exchange Commission is accusing Donnan of orchestrating a Ponzi scheme. The SEC said Thursday, Aug. 16, 2012, that college coaches and former players lost millions of dollars in the $80 million scheme. The regulators say Donnan orchestrated the fraud with his business partner through West Virginia-based GLC Limited.(AP Photo/Joe Raymond, File)
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Former University of Georgia football coach Jim Donnan is accused of orchestrating an $80 million Ponzi scheme, using his influence to get high-profile college coaches and former players to invest, the U.S. Securities and Exchange Commission said Thursday.