Ex-NBA Guard Charged With Preying On Other Pro Athletes In $2 Million Ponzi Scheme

Tuesday, September 27, 2011 01:42
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Ex-NBA Guard Charged With Preying On Other Pro Athletes In $2 Million Ponzi Scheme

A spectacular college basketball player turned New Jersey Nets pro is now being accused of selling fake real estate securities to other members of the sports world.

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Tate George, best known for his last-minute win for the University of Connecticut in the 1990 NCAA semifinal game against Clemson, says he'll plead "not guilty."

 

The alleged scheme revolved around promoting purportedly highly lucrative residential projects in Florida and other affluent states.

 

However, the New Jersey attorney general believes that George simply used the funds he received from investors to pay back existing clients -- the classic definition of a Ponzi scheme -- and finance his own lifestyle.

 

He could be sentenced to up to 20 years in prison if convicted of wire fraud.

 

While he claimed that his company, the George Group, had $500 million under management, he seems to have raised maybe $2 million in all.

 

He joined Hartford Equity Sales in 1995 and then migrated to the PFM Group, but let his FINRA license lapse in 2002.

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