Sports

Ex-Georgia Football Coach Charged with Running Ponzi Scheme

Targeted other coaches and football players and raised $80 million.

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Former University of Georgia football coach Jim Donnan used his influence to get high-profile college coaches and former players to invest $80 million into a Ponzi scheme, the U.S. Securities and Exchange Commission said Thursday.

Donnan and a business partner convinced investors to put money into a liquidation company that bought and resold appliances and furniture, the SEC said. Donnan and Gregory Crabtree, from Proctorville, Ohio, told investors the business was unique and profitable with huge potential and little risk, said William P. Hicks, associate director of the SEC's Atlanta office.