Victims include current NBA players
Tate George, a former basketball star at the University of Connecticut who spent four years in the NBA in the early-mid 90s, will spend the next nine years in prison for “orchestrating” a $2 million real estate Ponzi scheme, the Department of Justiceannounced last week.
According to the DOJ and U.S. Attorney for the District of New Jersey Paul Fishman, the 47-year-old George, who spent time with both the New Jersey Nets and the Milwaukee Bucks, presented himself to investors as the chief executive officer of The George Group, claiming that his company was managing more than $500 million in assets.
George allegedly told prospective investors, including several current and former professional athletes, that his firm would use their money to fund the George Group’s purchase and development of real estate projects, and personally guaranteed a return on their investments, with interest.
According to documents revealed during George’s trial, George was able to secure more than $2 million in funding between 2005 and 2011, which he deposited into both his own personal bank account and an account for the firm.