Donnan Formally Charged In Investigation

Jim Donnan is a member of the College Football Hall of Fame. Donnan is also under indictment from the Securities and Exchange Commission. Former Marshall and Georgia head football coach was allegedly one of the ring leaders in an apparent Ponzi scheme. Court documents list people such as former Oklahoma Sooners head coach Barry Switzer as one of the victims of the alleged Ponzi scheme. Barry Switzer is a guy who happens to be older and he has a lot of money over the years, but there are a lot smaller, more vulnerable victims who did get caught up in this mess.

Donnan allegedly got former players to invest in the Ponzi scheme as well, telling them things like he had always taken care of them in the past and that he would take care of them in the future. Donnan was the offensive coordinator at the University of Oklahoma while Switzer was the head coach there, Oklahoma had a very successful program during that time period.
It will be interesting to see whether the Internal Revenue Service also gets involved in the investigation of Jim Donna and end s up asking for some form of payment as well. The alleged Ponzi scheme was reportedly tied to selling large amounts of merchandise to major retailers, Donnan and his business partner apparently pocketed most of the seed money while spending only a small sum on the purchasing of merchandise. Gregory Crabtree and Donnan were reportedly offering a return of four hundred percent in some cases, truly experienced investors would know that such large promises are not likely very realistic and they would have known that something was up from the beginning.

Donnan is innocent until proven guilty. Many people may speculate that he had grown accustom to living a certain lifestyle as the head coach of the Georgia Bulldogs and that his income working at ESPN and other places simply was not enough. Mark Richt, the man who replaced Donnan was reportedly being consider for other head coaching jobs in the last couple of offseasons, but the gig in Athens is still a coveted one. Vince Dooley did not want to fire Donnan as the head coach when it did occur, Dooley felt that Donnan had done a good job.

A large number of people out there are hearing more and more about these Ponzi schemes, but it is surprising that more people in the world of professional sports aren’t victims of this sort of thing.