Former University of Georgia football coach Jim Donnan was found not guilty on all 41 counts against him Friday.
Prosecution witnesses included former Texas Tech coaches Tommy Tuberville and Billy Gillispie as well as North Carolina State basketball coach Mark Gottfied, Texas State football caoch Dennis Franchione.
According to the Associated Press, most investors tetified that their trust in Donnan and his assurances that they woudln't lose their initial investment money played havility in their decision to invest. Many received high payouts initially, prompting them to turn around and invest more money. Almost all lost money.
Donnan faced charges included conspiracy, mail fraud, wire fraud and money laundering, but his lawyers said he was duped and thought he was sharing an opportunity with friends.
Prosecutors said Donnan and Gregory Crabtree of Proctorville, Ohio, ran an fraudulent investment scheme from Sept. 2007 to Dec. 2010 through GLC Limited, a West Virginia-based company dealing in wholesale and closeout merchandise.
Donnan's attorneys maintained tha the was also a victim in Crabtree's scheme and that he thought he'd found a great investment.
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