((HT: AJC/Tucker))
Jim Donnan was found not guilty on 41 counts of conspiracy, mail fraud, wire fraud, money laundering and securities fraud in his case in and around Greg Crabtree's GLC Holdings. GLC sold out-dated and closed-out merchandise out of a West Virginia warehouse and promised investors a big return. But GLC eventually would pay early investors with later investor dollars.
Thus, the prosecution's thoughts that GLC was a Ponzi scheme and that Donnan was at the heart of it. A lot of high-profile coaches, athletes, and boosters were brought into GLC by Donnan's relationships with them through collegiate athletics like Frank Beamer and Billy Gillispie.
Donnan's attorneys said that Crabtree was the one in charge of the whole thing as the business lost over $20-million overall.
Here's part of the Joyce Oscar story that compared Donnan to a sports-version of Bernie Madoff from 2011
((HT: Southern Free Press))
From Tucker:
Jury foreman Artis Ricks said, “Mr. Donnan was as big a victim in this as some of the investors.”
Ricks said the government did not prove its case against Donnan.
“I just never saw that smoking gun that proved his guilt,” he said
On the way out of the courthouse Donnan told reporters, “I feel vindicated, and I hope I can get my life back.”
Crabtree pled guilty to one count of "conspiracy to commit fraud in the sale of a security."
He could get five years in prison when he is sentenced in Athens on June 24th...
Showing posts with label Jim Donnan. Show all posts
Showing posts with label Jim Donnan. Show all posts
Friday, May 16, 2014
Thursday, May 8, 2014
Jim Donnan Ponzi Scheme Case: Day 3
((HT: AJC/Towers))
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...
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...
Tuesday, April 16, 2013
Ex UGA FB Coach Donnan Indicted In Ponzi Scheme
Former UGA head football coach Jim Donnan and a business associate have been indicted on an 85-count grand jury decision over a Ponzi scheme. Donnan and Gregory Crabtree of have been charged with conspiracy, mail fraud and wire fraud, unlawful transportation of interstate securities, and money laundering.
Donnan was supposed to appear in court today to answer the indictment.
Donnan and Crabtree ran a West Virginia-base company called GLC Holdings that dealt, mainly, in closeout merchandise. Crabtree operated the business and Donnan recruited investors that he allegedly told would get a return on their investment of somewhere from 50-to-200 percent (or, in some reports upwards of 380-percent). Donnan used his star power to recruit sports figures to invest. Some of them included Dennis Franchione, Barry Switzer, Frank Beamer, and Tommy Tuberville.
Between September 2007 and October 2010, the indictment claims the two raised more than $81 million from 94 investors.
In February 2011, GLC was forced to file a voluntary bankruptcy petition. Donnan his wife had to file a personal bankruptcy claim with a reported $40-million debt given to creditors. A bankruptcy court approved a plan for the Donnans to address their debt repayment.
Here's how it was talked about at the time of the indictment...
((HT: 11Alive.com))
Donnan was supposed to appear in court today to answer the indictment.
Donnan and Crabtree ran a West Virginia-base company called GLC Holdings that dealt, mainly, in closeout merchandise. Crabtree operated the business and Donnan recruited investors that he allegedly told would get a return on their investment of somewhere from 50-to-200 percent (or, in some reports upwards of 380-percent). Donnan used his star power to recruit sports figures to invest. Some of them included Dennis Franchione, Barry Switzer, Frank Beamer, and Tommy Tuberville.
Between September 2007 and October 2010, the indictment claims the two raised more than $81 million from 94 investors.
In February 2011, GLC was forced to file a voluntary bankruptcy petition. Donnan his wife had to file a personal bankruptcy claim with a reported $40-million debt given to creditors. A bankruptcy court approved a plan for the Donnans to address their debt repayment.
Here's how it was talked about at the time of the indictment...
((HT: 11Alive.com))
Thursday, August 16, 2012
Former UGA Coach now facing Federal Fraud Charges
 |
| Jim Donnan |
Jim Donnan, apparently everyone hardly new ya.
The former University of Georgia head coach and briefly ESPN analyst who actually made it to the College Football Hall of Fame (who knew?) is now facing a slew of Federal Fraud Charges after being officially tied to a Ponzi scheme. The charges were announced by the SEC (No, not the football conference) in an announcement Thursday.
He is accused of trying to bring multiple coaches and players he had ties to into the scheme, some of whom did and some who lost a lot of money.
Read more from AJC.com RIGHT HERE
In June, we reported Donnan had settled bankruptcy claims with the company he appears to have helped create to start the scheme in the first place.
You can read that story RIGHT HERE
The whole issue came to light back in 2011 when Donnan filed for bankruptcy. It was then, auditors discovered he owed a ton of money to the GLC Corporation. Investigators would later find out that he was a partner in that business and had sunk money in thinking he could create profitable returns for he and other investors.
Read the initial story we filed RIGHT HERE
Needless to say and without judging Donnan's innocence or guilt, you won't be seeing him on a coaching sideline...probably ever again. And if the allegations are proven to be true, he stands a chance of ending up in jail.
Certainly a turn nobody could predict for a guy who had a pretty decent run as a coach before his firing at UGA. But...as the saying always goes, "You never really know about someone...until you know".
Sunday, June 24, 2012
Donnan Settles Ponzi Scheme
((HT: CFT/AP))
We've talked about the alleged Ponzi scheme that former college football analyst Jim Donnan has been embroiled in since July of 2011...
As seen here from the state of Ohio, the settlement in the state of Ohio, and how it seemed to travel (or trickle) down to the state of Georgia.
Donnan, the former UGA coach, has agreed to a bankruptcy settlement with GLC Limited- which used to be known as GLC Entertprises wehn this whole thing started.
If the deal is signed off on, Donnan repays a little over US$7-million to GLC, which says it’s owed almost twice that. Donnan has agreed to repay 80 percent of the losses of investors he recruited for GLC- which included coaches, both current and retired like Barry Switzer, Dennis Franchione, Frank Beamer and Tommy Tuberville. Investors, both known and unknown claim Donnan owed them about $27 million.
A hearing is scheduled for July 19th to see if all parties and a judge will sign off on all of this.
Here's a refresher from Joyce Oscar and the Southern Free Press...
We've talked about the alleged Ponzi scheme that former college football analyst Jim Donnan has been embroiled in since July of 2011...
As seen here from the state of Ohio, the settlement in the state of Ohio, and how it seemed to travel (or trickle) down to the state of Georgia.
Donnan, the former UGA coach, has agreed to a bankruptcy settlement with GLC Limited- which used to be known as GLC Entertprises wehn this whole thing started.
If the deal is signed off on, Donnan repays a little over US$7-million to GLC, which says it’s owed almost twice that. Donnan has agreed to repay 80 percent of the losses of investors he recruited for GLC- which included coaches, both current and retired like Barry Switzer, Dennis Franchione, Frank Beamer and Tommy Tuberville. Investors, both known and unknown claim Donnan owed them about $27 million.
A hearing is scheduled for July 19th to see if all parties and a judge will sign off on all of this.
Here's a refresher from Joyce Oscar and the Southern Free Press...
Friday, January 27, 2012
Add Ex-UGA Player To Donnan Lawsuit Queue
((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...
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...
Wednesday, August 10, 2011
Donnan Settles Ohio Lawsuit
((HT: AJC.com/Boone))
Former University of Georgia head football coach Jim Donnan is settling his lawsuit with an Ohio company that claimed Donnan and his wife had taken advantage of something referred to in court as a "Ponzi scheme."
He's transferring over US$5-million in liquid assets to GLC Limited in a scheme that brought in several big-named college coaches that cost investors $27-million by the time it was over with...
The motion still has to be approved by a federal judge...
More when we know more...
Former University of Georgia head football coach Jim Donnan is settling his lawsuit with an Ohio company that claimed Donnan and his wife had taken advantage of something referred to in court as a "Ponzi scheme."
He's transferring over US$5-million in liquid assets to GLC Limited in a scheme that brought in several big-named college coaches that cost investors $27-million by the time it was over with...
The motion still has to be approved by a federal judge...
More when we know more...
Saturday, July 16, 2011
So, Now It's A Ponzi Scheme With Donnan...?
((HT: ESPN.com/Barr))
The HQ has reported previously about the impending bankruptcy of former Georgia head coach Jim Donnan...
Now we know that, apparently, he was involved in a Ponzi scheme when GLC Enterprises of Ohio was soliciting funds. Depending on who you believe, Donnan was either a recruiter of fellow college coaches who knew Donnan and not the goals of GLC, or suckers who padded Donnan's bank account...
From Barr:
According to court documents, investors sank nearly $82 million dollars into GLC Enterprises, but less than $12 million was spent on inventory and at least $13 million in investor money remains unaccounted for. With dwindling revenues, GLC eventually used money from new investors to pay old investors, which, according to the court documents, constituted a Ponzi scheme.
GLC is being restructured under new management. The current operators, who filed Thursday's lawsuit, declined to comment, as did their attorneys.
The Donnans and their family members made more than $14.5 million from GLC in the form of "approximately 293 transfers to James and Mary Donnan or their immediate family members," according to the court documents.
Donnan recruited coaches like Frank Beamer, Tommy Tuberville, Dennis Franchione, and Barry Switzer to be involved in the GLC venture over time.
Here's the lawsuit against the Donnan family...
Either way, this doesn't look good for Donnan the family... and while this may be a signature moment for the coach off the field, here's one of the signature moments of Donnan on the field- against Tennessee...
((HT: ESPN/SEC/youtube))
The HQ has reported previously about the impending bankruptcy of former Georgia head coach Jim Donnan...
Now we know that, apparently, he was involved in a Ponzi scheme when GLC Enterprises of Ohio was soliciting funds. Depending on who you believe, Donnan was either a recruiter of fellow college coaches who knew Donnan and not the goals of GLC, or suckers who padded Donnan's bank account...
From Barr:
According to court documents, investors sank nearly $82 million dollars into GLC Enterprises, but less than $12 million was spent on inventory and at least $13 million in investor money remains unaccounted for. With dwindling revenues, GLC eventually used money from new investors to pay old investors, which, according to the court documents, constituted a Ponzi scheme.
GLC is being restructured under new management. The current operators, who filed Thursday's lawsuit, declined to comment, as did their attorneys.
The Donnans and their family members made more than $14.5 million from GLC in the form of "approximately 293 transfers to James and Mary Donnan or their immediate family members," according to the court documents.
Donnan recruited coaches like Frank Beamer, Tommy Tuberville, Dennis Franchione, and Barry Switzer to be involved in the GLC venture over time.
Here's the lawsuit against the Donnan family...
Either way, this doesn't look good for Donnan the family... and while this may be a signature moment for the coach off the field, here's one of the signature moments of Donnan on the field- against Tennessee...
((HT: ESPN/SEC/youtube))
Saturday, July 2, 2011
Ex-Dawg Coach Donnan Files For Bankruptcy
((HT: AJC.com/Stevens))
Former University of Georgia head football coach Jim Donnan has had to file for Chapter 11 bankruptcy protection citing $10-million in debts with $8.25-million to one creditor alone who themselves filed for bankruptcy last spring.
Alexis Stevens and the AJC have found in court documents that the bulk of that debt is connected with GLC Limited. GLC, in their February documents, claim almost 600 creditors ranging from individuals to businesses themselves centering around the money used to invest in liquidation stores in the Appalachians.
The Ironton Tribune has the details hyah...
The Donnans, apparently, owe the Internal Revenue Service $300,000 for 2010 and also owe four banks over a million dollars. In late June, the Donnans entered credit counseling.
No word on the next court date for the former coach...
Here's a flashback on one of Donnan's signature moments as coach- the win in 2000 over Tennessee in Athens where the student body actually got to take the goalposts down at Sanford Stadium...
((HT: ESPN/SEC/youtube))
Former University of Georgia head football coach Jim Donnan has had to file for Chapter 11 bankruptcy protection citing $10-million in debts with $8.25-million to one creditor alone who themselves filed for bankruptcy last spring.
Alexis Stevens and the AJC have found in court documents that the bulk of that debt is connected with GLC Limited. GLC, in their February documents, claim almost 600 creditors ranging from individuals to businesses themselves centering around the money used to invest in liquidation stores in the Appalachians.
The Ironton Tribune has the details hyah...
The Donnans, apparently, owe the Internal Revenue Service $300,000 for 2010 and also owe four banks over a million dollars. In late June, the Donnans entered credit counseling.
No word on the next court date for the former coach...
Here's a flashback on one of Donnan's signature moments as coach- the win in 2000 over Tennessee in Athens where the student body actually got to take the goalposts down at Sanford Stadium...
((HT: ESPN/SEC/youtube))
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