Is Jim Donnan in charge of one of the biggest Ponzi schemes around or is he just a guy used by others to bring in the cash for the scheme to work...???
That's the question being debated in an Athens, Georgia courtroom...
Back in the mid-2000's, Donnan was introduced to a guy by the name of Greg Crabtree. Crabtree and Donnan got together, in some capacity-depending on which side you believe- and brought in some heavyweight investors for projects under the GLC Limited umbrella- mostly flipping surplus merchandise and food.
GLC brought in more than $80 million from folks as famous as Frank Beamer and Billy Gillispie, and investors claim the losses were over $20-million. A lot of investors lost their investment principal up to seven figures in losses.
Here's work from the Southern Free Press with Joyce Oscar in 2011 discussing the case with some alleged victims
Crabtree maintains Donnan knew what was going on with the scheme- something Donnan, obviously, denies.
Chip Towers presence at the trial is a required read...