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One of of the incidents is being called a Ponzi scheme. The man accused of running that scheme is former Georgia and Marshall Head Football Coach Jim Donnan. The other case centers on a man with AAU ties who recently committed suicide, J. David Salinas.

According to court documents, in the incident allegedly involving Donnan, the former coach and his wife, "solicited investments from more than 50 individuals and entities to GLC," a West Virginia-based company. Several of the investors were major college football coaches, including Virginia Tech Head Coach Frank Beamer, Texas Tech Head Coach Tommy Tuberville, and former college and NFL head coach Barry Switzer.

Court documents state that GLC was a "retail liquidation company, with its principal business being the sale and/or redistribution of wholesale retail consumer products," which brought in almost $82 million from investors. Donnan's family allegedly received "transfers" of over $14 million, despite investing a fraction of that in the company.

Donnan's lawyer says the claims that Donnan knew it was a Ponzi scheme are "totally false." Beamer was also quoted as saying he didn't think Donnan was aware of the situation. "I just refuse to believe that Jim knew what it was when it started," Beamer was quoted in ESPN. "Knowing Jim over the years I don't think he'd get his friends into something like that."

The second, unrelated controversy has ensnared several college basketball coaches, including Baylor Head Coach Scott Drew, Texas Tech Head Coach Billy Gillespie, and Gonzaga Head Coach Mark Few.

The mystery allegedly centers around J. David Salinas, an investment adviser and founder of the Houston Select basketball program, an AAU squad. According to SportsIllustrated.com, coaches lost over $7 million in investments with a firm associated with Salinas, who committed suicide last week.

An added wrinkle in this case is the claim that those involved with Salinas were aided in recruiting. According to The Houston Chronicle:

Former University of Houston coach Tom Penders said Salinas asked him for a "significant sum of money" to invest in exchange for steering players from his AAU program, Houston Select, to the coach's school. "He hinted he could steer players my way," Penders said. "I never got involved with him, period."

Others dispute that, however. From ESPN's Andy Katz:

"There was no mastermind plan (of steering players)," said one coach who estimated he may have lost $400,000-plus in connection with Salinas' bond dealings. "He was someone you just trusted with your money -- that's it."

Reports state that Gillespie invested over $2 million with Salinas, and former University of Arizona Head Coach Lute Olson invested over $1.1 million. The business apparently involved the selling of corporate bonds, although SportsIllustrated.com wrote, "it remains unclear whether the bonds themselves ever actually existed."

The FBI and the Securities and Exchange Commission are currently investigating the case, although, for now, the NCAA isn't involved. A source told Katz, "This wasn't a Ponzi scheme. This was investing stocks and bonds and the question is where are the bonds?"

Patrick Bohn is an Assistant Editor at Athletic Management