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Donnan on trial for role in pyramid scheme - abc27 WHTM

Donnan on trial for role in pyramid scheme

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Athens, GA - Former University of Georgia football coach Jim Donnan faces conspiracy, mail fraud and wire fraud  charges in Federal court in Athens, GA for his involvement in a pyramid scheme.  Jury selection was scheduled to begin Tuesday.

The 47 count indictment states Donnan and Gregory L. Crabtree of Proctorville, Ohio, promised large returns on investments made by GLC Limited, Inc., a West Virginia based company dealing with wholesale merchandise.

According to the indictment Crabtree is listed as President of GLC and Donnan represented himself as an officer of GLC (Vice President, CEO, CFO, and Co-Secretary).

Between 2007 and 2010 they raised over $81 million through 94 investors.

Donnan reportedly invested almost $5 million in the company with profits over $8 million.

Authorities have said Donnan convinced high-profile college coaches and former players to invest in the company. The money from new investors was continually needed to pay the company's expenses and other investors.

Crabtree, in April, pleaded guilty to one count of conspiracy to commit fraud in the sale of a security.  He faces up to five years in prison.           

Donnan has denied intentionally misleading investors.

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