Ex-UGA coach settles dispute over investments
Legal News Center
A former University of Georgia head football coach has settled a legal dispute with a bankrupt liquidation company that accused him of recruiting other high-profile coaches to invest in a Ponzi scheme, according to federal court documents filed this week.
Jim Donnan and his wife agreed to transfer about $5.5 million in cash, stocks and other assets to West Virginia-based GLC Ltd. to settle claims he profited by convincing investors to pump money into the company. Donnan has not been charged with any criminal wrongdoing and defense attorney Ed Tolley said his client was "absolutely not involved in a Ponzi scheme."
The settlement was filed Tuesday in U.S. District Bankruptcy Court and must be approved by a federal judge. It would end months of litigation between the Donnans and GLC, which claimed the ex-coach invested more than $5.4 million in the firm and that his family ultimately made more than $14.5 million.
GLC, a liquidation company that purchased and then resold surplus retail products, is being restructured in an Ohio bankruptcy court and is now being run by new operators who targeted Donnan in the court filings.
The firm said Donnan received a commission of up to 20 percent for each investment, and assured each potential investor the money would be used to buy retail items from major companies, according to court records. But only about $12 million of the $82 million was spent on inventory, the firm said.
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