Former Coach Accused of Ponzi Scheme Amidst Company's Bankruptcy
A beloved former football coach at a University is now being accused of promoting involvement in a Ponzi scheme.
The former coach has been accused of recruiting other coaches to contribute to a bankruptcy liquidation company. While he hasn't actually been charged by police just yet, his attorney has already spoken publicly about the accusations, stating that his client had zero involvement in the alleged Ponzi scheme.
Now that the settlement between the coach and the bankruptcy company are coming to a close, a new case could be opened regarding his role in the company. The company states that the coach and his wife made in excess of $14.5 million, a profit of almost $10 million dollars. Since they were promised 20% commission for every investor they brought on the couple could have easily earned more money over time.
The company claims that since it used most of its profits to pay back its original investors, including the coach, it was finally forced into bankruptcy itself.
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