Ponzi scheme lands former Georgia coach Jim Donnan in legal trouble | CollegeFootballTalk There’s a very bizarre story coming out of Ohio this week as former Georgia coach Jim Donnan has been accused of making millions of dollars off a Ponzi scheme stemming from a company by the name of GLC Ltd. (known as GLC Enterprises upon its foundation in 2004). Court documents obtained by ESPN state that Donnan and his wife “solicited investments from more than 50 individuals and entities to GLC”, which Donnan reportedly “pitched” as a retail liquidation company and a re-seller of consumer products. In all, Donnan and his family — including Donnan’s children and their spouses — reportedly made roughly $14.5 million from GLC in the form of several “fraudulent transfers” to “James and Mary Donnan or their immediate family members.” blah blah blah... Surprisingly, a few high-profile coaches were also mentioned as investors in GLC — Oklahoma coach Barry Switzer, Virginia Tech coach Frank Beamer, Texas State coach Dennis Franchione and Texas Tech coach Tommy Tuberville. blah blah blah
Useless trivia time: Although the Ponzi scheme is named for Italian immigrant Charles Ponzi, who used the quick-money technique in the '20s, he didn't invent it. That honor goes to........Charles Dickens, who described a very similar scheme is his novel Little Dorrit. This info and $100 dollars could earn you a quick return on offshore investments.
