This transcript is automatically generated
You're welcome that well Fox Business news alert for you right now the SEC is charging -- -- -- in college football Coach.
-- Jim -- for his role in an eighty million dollar Ponzi scheme Peter Barnes.
Joins us now from Washington you've been monitoring.
The latest developments as -- as a call going on what are we know.
Called just wrapped up here -- so let me give it some more -- -- -- -- the SEC has charged former University of Georgia Coach Jim Donnan.
An eighty million dollar Ponzi scheme that victimized other prominent figures in college football.
The agency alleges that Don and and a business partner defrauded nearly.
A hundred investors from 2007.
Through a West Virginia company called GLC limited.
Document -- allegedly told investors that GLC was in the wholesale liquidation business and earn substantial profits by buying leftover merchandise from major retailers and reselling it.
Two -- can't discount retailers -- and promised investors rates of return ranging from 50% to 380%.
However the agency says only about twelve million dollars of the eighty million raised from investors was actually used to purchase leftover merchandise and then Don and and the partner used the rest of the money to repay -- investors or for their own purposes the agency says Don and himself siphoned more than seven million dollars from GLC.
Now according to ESPN among the people allegedly -- here were former University of Oklahoma and Dallas Cowboys Coach Barry Switzer Virginia Tech Coach Frank Beamer Texas State Coach Dennis Franchione.
And Texas Tech Coach Tommy tumor rebel Don -- -- your call is also Coach at Marshall university and an ESPN commentator GLC eventually filed for bankruptcy.
I called Dunn's attorney for comment he was not in his office today but he has previously said that Don and had no knowledge of any -- He's scheme at GL sequel -- an interesting piece of -- story here I'm curious -- on the call they discuss demeanor all of those name those those very prominent sports figures on the core while operating now with the investigation and with these charges being filed.
Well they SEC didn't identify any of the victims in its complaint today or in the conference call the names of the victims come from the bankruptcy proceedings going on.
With the company and West Virginia and the -- several of these individuals have publicly said that they had invested in GL CD -- -- -- -- with Jim Donnan.
-- my cash Peter Barnes thank you so much great story --