ATHENS, Ga. -- Former University of Georgia football coach and ex-ESPN college football analyst Jim Donnan has been accused of making millions of dollars from a Ponzi scheme that also enriched his three children and their spouses, according to documents filed late last week in an Ohio bankruptcy case.

The federal court documents, filed Thursday and Friday, are part of a larger bankruptcy case involving West Virginia-based company GLC Ltd.

Formed in March 2004, GLC Enterprises, as it was known then, attracted investments from several high-profile figures from the world of sport. Among them are former University of Oklahoma and Dallas Cowboys coach Barry Switzer; Virginia Tech football coach Frank Beamer; Texas State football coach Dennis Franchione; and Texas Tech football coach Tommy Tuberville.

According to the court documents, Donnan and his wife, Mary, "solicited investments from more than 50 individuals and entities to GLC" and made commissions ranging from 15 percent to 20 percent for any new investments solicited.

"James Donnan is substantially, if not principally, responsible for the initiation and operation of a far-reaching ponzi scheme that defrauded GLC and its investors of approximately $27,752,159," the court documents state.

Donnan served as the offensive coordinator for the Sooners from 1985 to '89, winning the 1985 national championship under Switzer. Donnan coached Georgia from 1996 to 2000 after winning a national title as the coach of then-Division I-AA Marshall in 1992.

The Donnans, who are identified in the court documents as being the first investors in GLC Enterprises, invested more than $5.4 million in the company, a figure not disputed by Donnan's attorney, Edward Tolley.

The company, according to court documents and several investors who spoke to Outside the Lines, was "pitched" by Donnan to investors as a retail liquidation company, with its principal business being the re-sale of consumer products -- everything from refrigerators and clothing to children's toys.

According to court documents, investors sank nearly $82 million dollars into GLC Enterprises, but less than $12 million was spent on inventory and at least $13 million in investor money remains unaccounted for. With dwindling revenues, GLC eventually used money from new investors to pay old investors, which, according to the court documents, constituted a Ponzi scheme.