ATHENS, Ga. – A jury has found former University of Georgia football coach Jim Donnan not guilty on all 41 charges related to an investment fraud scheme.
Donnan faced charges including conspiracy, mail fraud, wire fraud and money laundering. Prosecutors said the 69-year-old and Gregory Crabtree of Proctorville, Ohio, ran a fraudulent investment scheme from September 2007 to December 2010 through GLC Limited, a West Virginia-based company dealing in wholesale and closeout merchandise. Prosecutors say the pair promised high rates of return but paid investors with other investor money.
Prosecutors said Donnan used his personal and professional network to lure investors.
Donnan's lawyers maintained he was duped and thought he was sharing an opportunity with friends.
Crabtree pleaded guilty last month to a single conspiracy charge and faces up to five years in prison.