College Football Coach Takes Part in Ponzi Scheme

Reno, NV Attorney serving Nevada & California

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lInvestment fraud can occur anytime and anywhere, and it is necessary for investors to realize this fact in order to protect themselves to the best of their abilities.  For example, one may not expect this type of financial issue to have a place in the sports world, but the following case proves otherwise.

Earlier this month it was discovered that a former head football coach at the University of Georgia played a central role in a Ponzi scheme that gathered roughly $80 million of about 100 individuals’ money over the course of four years.  The coach, Jim Donnan, who is a College Football Hall of Fame inductee, and his business partner, Gregory Crabtree, victimized former Georgia players and fellow college coaches and urged them to invest in GLC Ltd.  Donnan also used his position as an ESPN commentator to lure other individuals into investing in the company.  They claimed that GLC was a successful merchandise-related organization, when in reality they used only a small portion of the money to purchase or sell any products.

It is vital for you to know exactly what you are investing in and the intentions of whoever is handling your money; however, this is often easier said than done.  If you have suffered financial losses as a result of this type of investment fraud or have been misled in a similar manner, then you may need the assistance of a financial attorney in order to regain your losses.  Call Thomas C. Bradley, an experienced Securities and Stock Fraud Attorney, today to see what he can do for you.

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