Updated:ATHENS, Ga. —
Former University of Georgia football coach Jim Donnan has been found not guilty on all counts.
Donnan was facing 41 criminal counts of conspiracy, mail fraud, wire fraud and money laundering.
The charges are related to an alleged scheme in which investors in a West Virginia-based company called GLC Limited lost almost $23 million.
The jury of seven women and five men were handed the federal fraud case Wednesday afternoon.
Donnan coached the Georgia football team from 1996-2000 before being fired at the end of the 2000 season. After that he worked for several years as a college football analyst for ESPN.