Former Georgia Bulldogs football coach Jim Donnan has settled a laqsuit filed against him for participating in a Ponzi scheme out of court, according to Lee Shearer of the Athens Banner-Herald. If a judge approves the settlement during an Aug. 29 hearing, GLC Ltd., a now-bankrupt company based in Ohio, will receive assets totaling $5.5 million from Donnan and his wife, Mary.
GLC sued Donnan in July, alleging he recruited investors into a Ponzi scheme, leading them to believe they were "buy[ing] inventory for resale," according to Shearer. Donnan received approximately $14.6 million on an initial $5.4 million investment. While other early investors posted similar profits, later investors lost an estimated $27.8 million.
Donnan coached the Bulldogs from 1996-2000, compiling a 40-19 record and winning four bowl games during that span. His best season at Georgia came in 1997, when he led the Bulldogs to a 10-2 record, an Outback Bowl victory, and a 10th-place ranking in both the NCAA Coaches' Poll and the AP Poll.