ATHENS, Ga. – A prosecutor said former University of Georgia football coach Jim Donnan lured his friends into a fraudulent investment scheme because he was blinded by the enormous amount of money he could make.
Prosecutor Pete Peterman made that assertion Wednesday in his closing argument in Donnan's trial on charges including wire fraud, mail fraud and money laundering.
Prosecutors say the 69-year-old and another man 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 have said Donnan used his extensive personal and professional network to lure investors.
If convicted, Donnan could face a potentially lengthy prison sentence.