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Jim Donnan Found Not Guilty In Investment Scheme Trial

Reported: May. 16, 2014 2:33 PM EDT
Updated: May. 16, 2014 3:22 PM EDT
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ATHENS, Ga. (Sports Illustrated, AP, Jeff Morris) -- Sports Illustrated reported Friday that former Marshall University coach Jim Donnan has been found not guilty in a trial related to investment fraud scheme.

Prosecutors had claimed that Donnan, also the former coach of the University of Georgia, 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 he had been convicted, Donnan could have faced a potentially lengthy prison sentence.

The AP contributed to this story.



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