Former Texas Tech coaches Tommy Tuberville and Billy Gillispie were among a group of four coaches who testified Monday about losing money in an alleged investment scheme for which former Georgia football coach Jim Donnon is on trial in federal court.
According to ajc.com, Gillispie said he had a net loss of $700,000 after recovering some money through the bankrupty proceeding and an agreement with Dennis Franchione.
Tuberville said he and his wife had a combined loss, but the amount wasn't specified.
Franchione, the football coach at Texas State, and N.C. State men's basketball coach Mark Gottfried also testified and estimated their net losses at around $900,000 and $300,000 respectively.
The four coaches along with 18 other investors who were called to the witness stand testified that they invested through Donnan in GLC Limited.
It ended up being a failed West Virginia-based firm that prosecutors allege amounted to a Ponzi scheme.
The coaches who testified said they lost money in GLC, which filed for bankruptcy protection in 2011.
Many of the investors who testified said Donnan promised large rates of return on investments that FLC was supposed to use to purchase closeout inventory for resale to pre-determined buyers.
Closing arguments and the start of jury deliberations are expected to begin on Thursday.
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