The individual losses ranged from a few thousand dollars to about $4 million, an SEC official said last year.
Donnan's attorney has previously acknowledged the former coach was paid lucrative commissions, but he said Donnan believed he was being paid from legitimate profits.
Donnan was head football coach at Marshall University from 1990 through 1995 and at the University of Georgia from 1996 through 2000 and later became an ESPN analyst.
Among the coaches Donnan helped attract were Texas State's Dennis Franchione; Virginia Tech's Frank Beamer; ex-Dallas Cowboys coach Barry Switzer and Cincinnati's Tommy Tuberville.
Donnan used his influence with former players who looked up to him, federal regulators said. According to the SEC court filing last year, he told one player, "Your Daddy is going to take care of you," and, "if you weren't my son, I wouldn't be doing this for you," the SEC complaint said. That former player, who was not named, ended up investing $800,000.
In late 2009 or early 2010, Crabtree told Donnan that GLC could no longer pay the rates of return Donnan was promising investors. The company began missing interest payments due to investors in August 2010.
Neither Donnan nor Crabtree disclosed GLC's financial problems to new investors. And Donnan, with Crabtree's knowledge, continued raising funds for deals while promising future returns, the SEC said.
Ultimately, a group of investors forced the appointment of a restructuring officer to run GLC. As the officer began to uncover the fraud, Crabtree resigned. In February 2011, the restructuring officer had GLC file a voluntary bankruptcy petition.
Donnan and his wife also filed for bankruptcy, and creditors claimed the Donnans owed them more than $40 million. A federal judge in Georgia approved a settlement in the case last July and, a judge in Ohio, where GLC is being restructured in bankruptcy court, also signed off on the settlement.