Athens, GA (SportsNetwork.com) - Former Georgia football coach Jim Donnan was found not guilty on Friday on all 41 counts against him.
Prosecutors alleged in the case that Donnan and another man, Greg Crabtree, ran a fraudulent investment scheme from 2007 through 2010, promising investors high rates of return from a West Virginia-based business, GLC Limited, that sold closeout merchandise. The company sold little merchandise and instead repaid early investors with the contributions of later investors in a ponzi scheme.
Donnan was facing 41 counts of conspiracy, mail fraud, wire fraud money laundering and securities fraud. Defense attorneys argued that Crabtree fooled Donnan, and that Donnan thought GLC was a legitimate business and a great investment.
After the verdict, Donnan said, "I feel like when I did find out what was going on, all I did was try to rectify a tough situation for everybody. All of us who made money from (from GLC investments) tried our best to pay it back."
Donnan served as the head football coach at Marshall University (1990-1995) and the University of Georgia (1996-2000), compiling a career record of 140-40-1. Donnan was inducted into the College Football Hall of Fame as a coach in 2009.