Georgia football coach accused of ponzi scheme involvement
A former University of Georgia football coach was recently indicted on allegations of running a ponzi scheme along with a business partner. The two are facing a variety of charges ranging from mail fraud and wire fraud to conspiracy. The coach has entered a not guilty plea and is currently out on bond.
The scheme allegedly revolved around the coach securing investors willing to sink money into their company while his business partner controlled the everyday operation of the business. They promised the investors returns, but the company reportedly made little money besides the investors that the coach had convinced to support the company financially. So when the investors received returns, it was apparently because the men had secured new investors.
The coach's attorney explains that he believed that the commissions he was receiving were based on legitimate business practices. Though federal investigators accuse him of exerting influence and pressure over former players and other sport professionals, his attorney will likely explain that he was able to easily secure the investors because of his reputation, and that the failure of the business venture was not expected.
When an accusation of a white collar crime like running a ponzi scheme comes out, a skilled attorney will begin to defend the case by establishing the defendant's innocence. Whether by entering a not guilty plea or working to show that the allegations are inaccurate, the experience of a defense attorney will ensure that the best path to acquittal or total dismissal is taken.