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Posted at 04:37 PM ET, 07/26/2011

Virginia Tech Coach Frank Beamer says he lost no money in alleged ponzi scheme

Virginia Tech Coach Frank Beamer said Monday that he did not lose any money in an alleged ponzi scheme orchestrated by his friend and former Georgia Coach Jim Donnan.

According to court documents filed two weeks ago as part of a federal bankruptcy case, Donnan and his wife solicited and made commission on investments from more than 50 people or entities on behalf of GLC Enterprises, including football coaches such as Beamer, Texas Tech Coach Tommy Tuberville and former Oklahoma coach Barry Switzer.

According to the suit, which was first reported by ESPN, investors sank more than $82 million into GLC Enterprises but less than $12 million was spent on inventory and $13 million remains unaccounted for.

The company was supposed to buy, and then re-sell, various consumer products.

“I put some money in,” Beamer said. “The money I put in I got back out. That was it. . . . I still don’t know if Jim knew what it was when he was encouraging me to put some money in. He’s a good friend and I think some other football coaches were involved, too. He told me he had a good deal for me, and that’s what I took it as.”

By Mark Giannotto  |  04:37 PM ET, 07/26/2011

 
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