Post by Logan on Apr 8, 2016 4:25:20 GMT -6
Former Oklahoma football coach Barry Switzer has prevailed in a lawsuit that claimed he benefited from a Ponzi scheme tied to former Georgia coach Jim Donnan.
On Wednesday, a U.S. District Court judge in Georgia entered a judgment in favor of Switzer in a lawsuit filed by a trustee tasked with liquidating Donnan's bankruptcy estate.
As explained in a statement released through Switzer's attorney on Thursday, Donnan filed for bankruptcy after it was discovered that GLC, Ltd., a company Donnan had invested in, operated a Ponzi scheme. Before the Ponzi scheme was discovered, Donnan helped obtain a $250,000 loan for the company from a company owned by Switzer.
Donnan personally guaranteed the loan, but GLC defaulted in 2011. Donnan bought the promissory note from Switzer's company for the remaining balance due and owing on the note. After Donnan filed bankruptcy, the bankruptcy trustee sought to recover the money from the loan paid to Switzer, claiming in court that the transaction was an extension of GLC's Ponzi scheme.
Read more: newsok.com/barry-switzer-cleared-of-ties-to-ponzi-scheme/article/5490185
On Wednesday, a U.S. District Court judge in Georgia entered a judgment in favor of Switzer in a lawsuit filed by a trustee tasked with liquidating Donnan's bankruptcy estate.
As explained in a statement released through Switzer's attorney on Thursday, Donnan filed for bankruptcy after it was discovered that GLC, Ltd., a company Donnan had invested in, operated a Ponzi scheme. Before the Ponzi scheme was discovered, Donnan helped obtain a $250,000 loan for the company from a company owned by Switzer.
Donnan personally guaranteed the loan, but GLC defaulted in 2011. Donnan bought the promissory note from Switzer's company for the remaining balance due and owing on the note. After Donnan filed bankruptcy, the bankruptcy trustee sought to recover the money from the loan paid to Switzer, claiming in court that the transaction was an extension of GLC's Ponzi scheme.
Read more: newsok.com/barry-switzer-cleared-of-ties-to-ponzi-scheme/article/5490185