Former University of Georgia head football coach Jim Donnan has been accused by the Securities and Exchange Commission of running a Ponzi scheme targeting former players and college coaches, according to an Associated Press report on the Huffington Post.
Donnan, who was fired from UGA after the 2000 season, and a business partner raised some $80 million from about 100 investors in the scheme, according to William P. Hicks, associate director of the SEC's Atlanta office.
The SEC's complaint charges Donnan and partner Gregory Crabtree, of Proctorville, Ohio, with violating federal securities laws, according to the AP report.
Among the coaches Donnan reportedly helped attract were Virginia Tech football coach Frank Beamer, ex-Dallas Cowboys coach Barry Switzer and Texas Tech football coach Tommy Tuberville.
Donnan is a member of the College Football Hall of Fame, chiefly because of his record at Marshall University (1990-95).