Police say suspected Maoist rebels attacked a convoy of cars carrying local leaders and supporters of India's ruling Congress party in eastern India, killing at least 16 people and wounding 25 others.Full Story >
Officials reacted with outrage Sunday to an audacious attack by about 200 suspected Maoist rebels who set off a roadside bomb and opened fire on a convoy carrying Indian ruling Congress party leaders and members in an...Full Story >
The woman hired to clean up Rutgers' scandal-scarred athletic program quit as Tennessee's women's volleyball coach 16 years ago after her players submitted a letter complaining she ruled through...Full Story >
The woman hired to clean up Rutgers' scandal-scarred athletic program quit as Tennessee's women's volleyball coach 16 years ago after her players submitted a letter complaining she ruled through humiliation, fear...Full Story >
Saturday, May 25 2013 11:12 PM EDT2013-05-26 03:12:30 GMT
(RNN/KENS/CNN) - At least one person in San Antonio has died Saturday during heavy flooding caused by rain that dumped more than a foot of water on some parts of the area. Police confirmed a woman's bodyFull Story >
Firefighters in San Antonio are still looking for two missing people after heavy rain and flooding swamped the area and left thousands without power.Full Story >
ATLANTA (CBS ATLANTA) -
The Securities and Exchange Commission announced fraud charges against a former University of Georgia football coach who teamed with an Ohio man to conduct an $80 million Ponzi scheme.
The SEC said Jim Donnan, of Athens, conducted the fraud with his business partner Gregory Crabtree, of Proctorville, OH, through a West Virginia-based company called GLC Limited.
"Overall it's a mid-sized Ponzi scheme but anybody who loses their savings in any of these schemes, is the biggest scheme," said Bill Hicks, associate director of the SEC's Atlanta Regional Office.
The SEC alleges Donnan and Crabtree told investors that GLC was in the wholesale liquidation business and earning substantial profits by buying leftover merchandise from major retailers and reselling those discontinued, damaged, or returned products to discount retailers.
"They promised investors exorbitant returns of 50 to 380 percent a year," said Hicks.
Only about $12 million of the $80 million raised from nearly 100 investors was actually used to purchase leftover merchandise, according to the SEC.
The remaining funds were used to pay fake returns to earlier investors or stolen for other uses by Donnan and Crabtree.
Other college coaches and former players are some of the victims of the scheme.
Court documents claim just how much certain coaches and players invested, based on Donnan's own accounting. Here's that list:
Tommy Tuberville: $800,000
Frank Beamer: $175,000
Billy Gillispie: $3,000,000+ (one of two loan agreements unsigned)
Dennis Franchione: $650,000
Mark Gottfried: $250,000
Kendrell Bell (Former NFL player): $2,075,000 (two of four loan agreements unsigned)
Jonas Jennings (Former NFL player): $500,000 (loan agreement unsigned)
Mike Gottfried (Former ESPN analyst, CFB coach): $250,000
Tom Luginbill (ESPN recruiting analyst): $30,000
Barry Switzer: $50,000
"Donnan and Crabtree convinced investors to pour millions of dollars into a purportedly unique and profitable business with huge potential and little risk," said Hicks. "But they were merely pulling an old page out of the Ponzi scheme playbook, and the clock eventually ran out."
Donnan is a College Football Hall of Fame inductee who guided teams at Marshall University and the University of Georgia. He later became a television commentator.
According to the SEC's complaint, Donnan recruited the majority of investors by approaching contacts he made at those jobs.
The complaint stated he capitalized on his influence over one former player by telling him, "Your daddy is going to take care of you" … if you weren't my son, I wouldn't be doing this for you." The player later invested $800,000.
By the time the scheme collapsed, the SEC said Donnan had actually siphoned more than $7 million away from GLC, and Crabtree misappropriated approximately $1.08 million in investor funds.
The SEC's complaint charges Donnan and Crabtree with violations of the antifraud and registration provisions of the federal securities laws.
The complaint also names two of Donnan's children and his son-in-law as relief defendants for the purpose of recovering illicit funds that Donnan steered to them.
"The number one lesson I think investors should take is that if someone offers you an investment that pays 50 percent to 400 percent a year, you should be real careful. As the saying goes, 'if it sounds too good to be true it probably is,'" said Hicks.
Donnan's attorney Edward Tolley at Cook Noell & Bates in Athens issued this statement:
"The SEC participated in Jim's bankruptcy hearing. They know he does not have anything left. They are beating a dead horse. Jim denies that he knew or realized it was a Ponzi scheme."
Copyright 2012 WGCL-TV (Meredith Corporation). All rights reserved.
Saturday, May 25 2013 9:52 PM EDT2013-05-26 01:52:50 GMT
Memorial Day weekend began with a violent 24 hours in the City of Cincinnati. Two people were killed and three others wounded in four separate shootings. Despite the recent gunfire, the faith communityFull Story >
Memorial Day weekend began with a violent 24 hours in the City of Cincinnati. Two people were killed and three others wounded in four separate shootings. Despite the recent gunfire, the faith community delivered a message of hope.Full Story >
Saturday, May 25 2013 10:21 PM EDT2013-05-26 02:21:50 GMT
LOUISVILLE, KY (WAVE) – The first Bardstown police officer killed in the line of duty in the department's 150-year history was ambushed, possibly from a hilltop, according to the Jefferson County Coroner'sFull Story >
The coroner said a 12-gauge shotgun was used to shoot K-9 Officer Jason Ellis multiple times -- possibly from a hilltop -- early Saturday morning on an off-ramp leading from the Bluegrass Parkway to Highway 55 in Nelson County.Full Story >
Saturday, May 25 2013 8:26 PM EDT2013-05-26 00:26:42 GMT
Police responded to a fatal shooting in Millvale on Saturday afternoon. It happened in the 3000 block of Bowling Green Court around 1 p.m. Upon arrival, officers found Quentin Snell, 21, inside a vehicleFull Story >
It happened in the 3000 block of Bowling Green Court around 1 p.m. Upon arrival, officers found Quentin Snell, 21, inside a vehicle. He was pronounced dead at the scene. A second victim was taken to a nearby hospital.Full Story >
Saturday, May 25 2013 7:23 PM EDT2013-05-25 23:23:27 GMT
BARDSTOWN, KY (WAVE) - K-9 Officer Jason Ellis, 33, was shot and killed on the ramp of Exit 34 from the Bluegrass Parkway to Highway 55 in Nelson County early Saturday morning. A 911 call from a womanFull Story >
K-9 officer Jason Ellis, 33, was the first Bardstown police officer killed in the line of duty.Full Story >
Saturday, May 25 2013 9:09 PM EDT2013-05-26 01:09:34 GMT
A group of concerned Tri-State residents joined a national movement on Saturday regarding genetically engineered foods and the seed giant Monsanto. "March Against Monsanto" organizers say they're callingFull Story >
"March Against Monsanto" organizers say they're calling attention to the dangers posed by genetically modified food and the companies that produce it.Full Story >
Monday, May 6 2013 1:29 PM EDT2013-05-06 17:29:07 GMT
A man charged with public indecency is expected to appear in court. Police say 36-year-old Jason Fletcher and Laura Oditt engaged in sexual conduct in a public place. The location is not named in courtFull Story >
A man charged with public indecency is expected to appear in court.Full Story >
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