ATLANTA, Ga. -
A federal jury found former UGA football coach Jim Donnan "not guilty" on all counts Friday afternoon.
The verdict came down around 2 p.m. on the third day of deliberations.
Prosecutors say the 69-year-old and another man ran a fraudulent investment scheme from September 2007 to December 2010 through GLC Limited, a West Virginia-based company dealing in wholesale and closeout merchandise. Prosecutors say the pair promised high rates of return but paid investors with other investor money.
Donnan was charged with 41 counts ranging from conspiracy to fraud.
Donnan and family members were visibly relieved when the verdict came down, they hugged and quietly cried once the verdict was announced.