A jury returned a "not guilty" verdict Friday for all 41 counts in the investment fraud trial of former Georgia and Marshall coach Jim Donnan, the Associated Press reported.

The 69-year-old Donnan faced charges of conspiracy, mail fraud, wire fraud and money laundering related to his role with GLC Limited, a West Virginia-based company that dealt closeout merchandise.

Federal prosecutors argued that Donnan worked with a man named Gregory Crabtree to raise large sums of investment capital while promising high rates of return, then used that money to pay other investors in a pyramid scheme. Donnan relied on his extensive college football contacts to draw investments from several wealthy coaches and ex-coaches, leading to trial testimony from the likes of Cincinnati coach Tommy Tuberville, Texas State coach Dennis Franchione, NC State basketball coach Mark Gottfried and former Kentucky basketball coach Billy Gillispie.