The U.S. Securities and Exchange Commission accused former University of Georgia football coach Jim Donnan of orchestrating a Ponzi scheme.
The SEC complaint contends investigators in GLC Limited, including many college coaches and former players, lost millions in the scheme from August 2007 to October 2010.
In January, the Associated Press reported Texas Tech football coach Tommy Tuberville and Tech basketball coach Billy Gillispie were listed as GLC investors in federal filings.
The SEC's civil complaint accuses Donnan and his business partner, Gregory L. Crabtree of Ohio, with violating federal securities laws.
Donnan led teams at Marshall University and the University of Georgia, and later became a television commentator for ESPN.
Donnan's attorney has previously acknowledged the former coach was paid lucrative commissions, but he said Donnan believed he was being paid from legitimate profits earned by the company.
