Former Georgia football coach Jim Donnan is currently on trial in federal court on fraud charges related to an alleged Ponzi scheme in which investors lost almost $23 million. One of those investors? None other than former Kentucky coach Billy Gillispie. Yesterday, Gillispie testified about his investment in GLC, the failed company, along with Tommy Tuberville, Mark Gottfried, and Dennis Franchione.
Gillispie said that in 2009, the year he was fired from UK, he was looking for business opportunities, and was referred to Donnan by a friend. After speaking with him and being assured he wouldn’t lose any principal, Gillispie felt that investing in GLC was a “safe investment.” However, it wasn’t, and Gillispie lost about $1.7 million in the deal. With some help from Dennis Franchione, his total losses stand at $700,000.
The most Billy Gillispie moment of the day? His answer to what his current occupation is:
When Gillispie, who was fired from Texas Tech in 2012, took the stand and was asked for his vocation, he answered with a smile, “I’m not currently doing anything right now.”