Former UGA Coach Jim Donnan (Getty images)
MACON, Ga. -- Former University of Georgia football coach Jim Donnan and a business partner have been formally indicted with operating an alleged Ponzi scheme.
MORE | Feds bring fraud charges against ex-UGA coach Jim Donnan
The U.S. Attorney for the Middle District of Georgia says Donnan and Greg Crabtree were charged in an eighty-five count indictment returned against them last week and unsealed Tuesday.
The indictment charges the two men with operating an alleged pyramid or "Ponzi" scheme between 2008 and 2010.
The two are accused of managing the fraud through a West Virginia-based company, GLC Limited. Investigators said Donnan and Crabtree told investors that GLC was in the wholesale liquidation business and earned "substantial profits" by buying leftover merchandise from major retailers and reselling those products to discounters.
Donnan and Crabtree promised investors rates of return that ranged anywhere from 50 to 380 percent. However, according to the SEC, only $12 million of the $80 million raised from nearly 100 investors was actually used to purchase leftover merchandise, and the remaining funds were used to pay fake returns to earlier investors or stolen for other uses by Donnan and Crabtree.
Both are charged with conspiracy to commit wire and mail fraud, the unlawful transportation of interstate securities, and money laundering.
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