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Billy Clyde and the Ponzi Scheme


The legacy of the Billy Clyde era in Lexington continues to become more and more bizarre. The stories of what went on around the team (which interestingly enough, were part of a series of tweets between Patrick Patterson, Mark Krebs, AJ Stewart and others Sunday night) have been talked about in detail and are the stuff of minor legend. But now we find out that Billy had other difficulties while here that weren’t even basketball related. According to a story in an Athens, Georgia newspaper today, Billy Clyde was one of a number of famous investors who were scammed out of money from an investment Ponzi scheme that he became involved in while at Kentucky. Gillispie joined former Georgia coach Jim Donnan, Barry Switzer and Tommy Tuberville as prominent clients of a scheme that ended up taking in over 82 million dollars in investments over the course of a four-year period.

The article doesn’t state how much money Gillispie had in the scheme, nor does it suggest any wrongdoing on the part of any of the actual investors. There are also no details as to the actual business function of the company in question or how the famous coaches became involved in it. Jim Donnan was apparently an early investor and has had to declare bankruptcy to cover losses associated with lawsuits stemming from the investment. As an early investor in the Ponzi scheme, Donnan was paid profits from later investors’ funds and now is forced into bankruptcy protection due to his inability to meet their claims. There is no word in the article whether Billy Clyde was an early or late investor in the scheme, leaving open the question as to whether his loss will come at the front or back end of its continued unraveling.

Yet another strange story of the going on while Billy Clyde was in Lexington…potentially the strangest two years Kentucky basketball will ever see.

Article written by Matt Jones

27 Comments for Billy Clyde and the Ponzi Scheme

  1. Hud
    11:48 pm July 3, 2011 Permalink

    Let’s get to the point here. The guy is really an idiot. I supported UK and him for some time, but he has no business making even 50k a year.

  2. Vinny
    11:49 pm July 3, 2011 Permalink

    Stop hatin on Billy

  3. tdogg4033011
    11:56 pm July 3, 2011 Permalink

    does anything really surprise ya about this man?? I think we should just forget all about the
    Billy days at UK, we have THE MAN in control now.

  4. DC
    11:57 pm July 3, 2011 Permalink

    Rick Pitino invested in this scheme also. Only for 15 seconds though…

  5. Matt Jones
    12:04 am July 4, 2011 Permalink

    Just an FYI for those that complain about “forgetting the Billy era.” Two points…one it is the summer and if we are going to have 10-15 posts a day (which we always do), we have to talk about other things and two, while some say that they dont care, consistently telling “behind the scenes” stories from the past, including the Clyde era, produces the highest ratings on the radio and hits on the website. So folks do like such info.

    And with that, I hope everyone had a good 4th of July

  6. Tbc
    12:05 am July 4, 2011 Permalink

    He was a late investor.

  7. tdogg4033011
    12:07 am July 4, 2011 Permalink

    5) You hatin on me??? lol

  8. BravoBigBlue
    12:18 am July 4, 2011 Permalink

    Billy = Losing! He is gonna replace Charlie Sheen on 2 1/2 Men after he falls off the wagon at Texas Tech.

  9. Matt Jones
    12:34 am July 4, 2011 Permalink

    Nah #7….someone just always says that anytime Billy Clyde comes up

  10. GeorgeCostanza
    12:36 am July 4, 2011 Permalink

    Is that Otis Campbell as a KSR Fan-Of-The-Day?

  11. fooo's
    12:54 am July 4, 2011 Permalink

    The Billy G Experiment cannot be broken down enough, imo. It just keeps getting better with age, like bourbon. I would not complain if this site was 80/20 in favor of Billy talk. That picture, like many we’ve seen before, can be discussed for hours, or even days. Why is #3 rubbing his belly? Where is #1’s hand? WHY IS BILLY ALWAYS HAMMERED WITH THAT ISH EATING GRIN HE ALWAYS SPORTED WHILE IN HIS CROUCHING TIGER HIDDEN DRUNK COUCHING STANCE IN EVERY SINGLE PICTURE? And was he always drunk when he smiled like that? It’s questions like these that keep me feigning for more Billy details. I’ll make a movie one day, and that day will be the most glorious day since Alan Cutler harassed Billy. We’re really only scratching the surface of Billy G.

  12. TwanyIsAnAwesomeName
    12:55 am July 4, 2011 Permalink

    The hot scale is about to fall off to the right and knock out the blonde girls.

  13. Walter Sobchak
    1:22 am July 4, 2011 Permalink

    11) I think your numbering system is off…

  14. AKA cold buckets
    3:16 am July 4, 2011 Permalink

    somebody shoulda told him that we on one.

  15. Big Blue Barber
    7:04 am July 4, 2011 Permalink

    Yes the Gillispie years are certainly strange……sort of like the new ugly white football uniforms……strange

  16. thumbwrestler
    7:58 am July 4, 2011 Permalink

    Am I the only one that wants to knock the hell out of Barnhart every time I see a story about this idiot?

  17. mark p
    8:13 am July 4, 2011 Permalink

    Ouch says Mitch Barnhart!

  18. SexnNursinHomes
    8:35 am July 4, 2011 Permalink

    These Billy stories have much more comedy effect now that he isn’t our coach.

  19. Boggie
    8:36 am July 4, 2011 Permalink

    What did the Tweets say?

  20. Don Rickles
    8:55 am July 4, 2011 Permalink

    Clyde looks hammered.

  21. expatkyfan
    9:23 am July 4, 2011 Permalink

    okay I follow patterson and krebs and I don’t see anything on twitter other than patterson saying something about taking Stone as a roommate. I guess they deleted them. Anyone know what they said for those of us who were not up at 3am?

  22. reedwizard
    9:24 am July 4, 2011 Permalink

    yes yes DIE!! yes yes

  23. BravoBigBlue
    9:39 am July 4, 2011 Permalink

    I’m looking forward to following Billy at TT and watching one Eddie Sutton – Bobby Knight episode after another! And you know what? The Texas rednecks will love him as long as he wins 20 games and gets them to the NCAA tournament. What’s a few drunken-induced nationally embarassing episodes among good-ole-boys.

  24. ares
    9:51 am July 4, 2011 Permalink

    Now that he is gone it is interesting to see that train wreck that was the Clyde era. The one bright spot is that it really was only 2 years long. Am I not correct that it almost was shorter than that? Didn’t he want to go back to Texas A&M like within 48 hours? I think part of the Ponzi scheme was the coach search firm that Mitch used to get Billy here. Square peg meet round hole. Look that company and Mitch too might have seen an obsessed coach and thought hey put that with an obsessed fan base and you have success. I don’t think it can be underscored how much of a special job the UK one is and how much it takes a special person like Pitino like Calipari who is charismatic and knows his stuff. This is not a bash Pitino thread but he did an excellent job as Cal has done of recognizing everything that entails the Kentucky job. I for one like watching the train wreck that is Clyde. Darius Miller should get a special recognition this year as Jort did last year for surviving that mess.

  25. UK Jerry
    11:03 am July 4, 2011 Permalink

    Never will i b suprized what this clyde of a drunk did with his money. After all we have seen even former players can screw up their money and have to serve time. I for one am glad to hear any story to reafirms UK did the right think in firing clyde. How soon we forget the media BASHING us fans for running off another coach with our crazy fanatic ways. I do hope like Sutton he. Can find peace outside the bottle. IN Cal we TRUST!!! number 8 is closer than u think. Go Big Blue!
    wildcat Fan 4 life
    Jerry L

  26. CA UK FAN
    3:36 pm July 4, 2011 Permalink

    Remember that big ugly house way out in the sticks that he bought? I guess he thought it would attract the ladies. Mitch really mess up but at least he was quick to fix it. Most guys would have stuck with it a lot longer not wanting to come to terms with the fact that they screwed up. The first year of Cal was worth suffering through 2 years of Billy if you ask me.

  27. charles
    3:56 pm July 4, 2011 Permalink

    We suffered through a decade long debacle under tubby so two years of Billy was like a drop-in-the-bucket. Just glad that we have Cal….