Former Georgia coach Jim Donnan has been accused by the U.S. Securities and Exchange Commission of orchestrating a Ponzi scheme.
They said that former players and other college coaches lost millions of dollars in Donnan’s scheme!
Apparently, Donnan and his business partner violated federal securities laws.
Donnan’s own attorneys even acknowledged the fact that the coach was paid ridiculous commissions but they said he had no idea he was being paid from illegal profits.
The worst part about a ponzi scheme is it’s not like robbing some huge corporation of money├óΓé¼┬ª it’s stealing from the little guy, your fellow man.
At least he was caught. Hopefully the money can be redistributed to those who were hurt in the scheme.
[Image via AP Images.]
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