((HT: OnlineAthens.com/Shearer))
Add former UGA linebacker and defensive rookie of the year, Kendrell Bell, to the stacks of people who now want a piece of former UGA head football coach Jim Donnan and the whole GLC Holdings mess...
Or, alleged mess...
Bell, through his attorneys, claims that Donnan told him that the $2-million he invested with Donnan GLC would...
From Shearer:
“James Donnan guaranteed (Bell) that his investment was safe and that James Donnan would protect him. James Donnan was a father-figure to (Bell), and (Bell) trusted him implicitly.”
“James Donnan, as one of the two architects of the Ponzi scheme, was the prime salesman and largest beneficiary of the scheme. In short, James Donnan duped (Bell) into investing $2 million, and then diverted his money from GLC to (Jim and his wife Mary Donnan) or other investors.”
Donnan invested millions in GLC at the stat, but would receive a commission when he would bring in other investors. GLC, in court documents, allegedly brought in over $80-million, but only pulled in $12-million in activity.
The huge payouts apparently went to GLC's originators, Donnan and others who were at the top of the payment pyramid.
Donnan filed for bankruptcy protection last year and is in the process of trying to work out payment solutions for creditors. That first round of decisions is set for March.
For those of you who remember what Bell was like as a pro, an example is below...
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