What Did Jim Donnan Know
And When Did He Know It?
Southern Free Press has learned the FBI is in possession of a document which appears to contradict sworn testimony by former University of Georgia football coach Jim Donnan earlier this month during a hearing in his bankruptcy case.
Copies of that document were in the possession of a number of individuals who met as a group with Donnan last December.
It wasn't a Christmas party. And the former coach certainly wasn't there to play Santa Claus.
They were gathered so Donnan could inform them of the extent of their losses. Through him, all had invested large sums in a West Virginia company, GLC Limited -- now characterized as a Ponzi scheme.
We are told the document, which consists of written minutes from the December meeting, was sought and obtained by the FBI -- under subpoena. If true, that would seem to confirm a criminal investigation involving Donnan is underway, although his bankruptcy attorney has denied any knowledge of such a thing.
The minutes are significant, in part, because they reportedly indicate Donnan told the group he learned of serious problems with GLC's solvency from its owner, Greg Crabtree, sometime during "spring" -- or between March 20 and June 20.
Yet, at his recent bankruptcy hearing, Donnan testified he did not become concerned about GLC until August, and said believed the company might be saved while he continued to accept "investments" -- including a $300,000 check from a terminally ill golfing companion, the late Dr. Stephen Fennell, on September 1.
Other paperwork indicates Donnan knew the money from Dr. Fennell would be used to make overdue payments to other investors. Previously, Dr. Fennell had invested an additional $150,000 throught the friend he liked to call simply "The Coach."
Thus far, Dr. Fennell's widow, Valerie, is the only victim to speak out against Donnan, who maintains he is as much a victim as anyone else -- even though he admits he and his "immediate family" reaped an astounding $14,557,228.50 in payments from GLC for a net profit of $9,157,000 on his own initial investment.
Other individuals in Athens are known to have lost very large sums, but thus far they have closed ranks around the popular former coach -- to the point of promising confidentiality at the December meeting.
However, with the feds now poking around, it's clear the red-and-black wall of silence is starting to crumble.
And, we're told reliably, more shocking revelations are forthcoming in the case.
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