Daily Archives: January 25, 2016

Former NBA player Tate George gets 9 years for running real estate Ponzi scheme

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.

Read on.

 

Facing Crippling Debt, Gov. Scott Walker Puts House Up For Sale

Crooks and Liars:

Scott Walker is facing a mountain of debt.

His failed presidential campaign is a million dollars in the hole. Personally, he has tens of thousands of credit card debt. Even worse he must’ve missed some payments because he is paying 27% interest on that debt. Most of his debt probably came from the time he was privately paying silk-stockinged lawyers to defend him during the John Doe investigations – before he set up a legal defense fund and before the Kochs started picking up the tab.

On top of all that, he is helping his two unemployed sons with their student debt after sending them to Marquette University. (Apparently Walker recognizes that he’s ruined the University of Wisconsin system and didn’t want his boys to go there.)

Despite the fact that Walker has sent out numerous emails begging for money and makes $140,000 a year, he still can’t make ends meet.

So what does he do?

He sends his parents packing out of his house and puts the place up for sale:

Gov. Scott Walker has put his home — the one in Wauwatosa, not the governor’s mansion — up for sale.

The two-story, three-bedroom house has been listed by Delafield real estate agent Premar LLC for $338,000. The listing calls the home an “exceptional colonial!” that boasts “quintessential Tosa charm!” and mentions the in-ground swimming pool, bright white modern kitchen with Corian countertops and a front-entry sunroom.

Walker tweeted Sunday night about his sons: “Matt graduates from Marquette in May. Alex from UW next May. Like many empty nesters, we are looking to downsize our home.”

It appears the home on N. 68th St., which was built in 1924, was listed on Saturday. Since purchasing it in March 2007 for $310,000, Walker has painted the home’s exterior, rebuilt the chimney and replaced the pool liner. Walker’s home features 2 1/2 baths and a full basement on a quarter-acre. Assessed at $359,900, the home’s tax bill in 2013 was $8,381.

No open houses are scheduled, but prospective buyers can request a private showing. When reached by phone Sunday, Realtor Cathy Priem said

Wells Fargo passes Citigroup as third-largest U.S. bank

Wells Fargo is now the third-largest U.S. bank by assets, passing behemothCitigroup to claim the spot, a new report says.

The Wall Street Journal reports that year-end reports released by the banks showed that San Francisco-based Wells is now in the top three biggest U.S. banks, growing by 6 percent to $1.79 trillion in assets in the fourth quarter, a leap from $1.66 trillion during the same period the year before.

In contrast, New York City-based Citigroup (NYSE: C)’s total assets fell 6 percent to $1.73 trillion during the same period, down from $1.84 trillion a year ago.

Read on.

Congressman Bill Nelson requests federal probe of Florida’s mortgage assistance program

After a Tampa Bay Times story last week shed light on Florida’s Hardest Hit Fund, U.S. Sen. Bill Nelson is asking for a federal investigation into the mortgage assistance program.

The Times’ story reports tens of thousands of Florida homeowners are still waiting for help. The $7.6 billion fund was created by the Treasury Department to help homeowners in Florida and 17 other states avoid losing their homes during the recession.

“Only 20 percent of the 116,000 people who have applied have received help while nearly half of Florida’s $1 billion share of Hardest Hit funds remains unspent,” the Times reports. “If Florida fails to distribute the money by the end of 2017 — less than two years away — those funds will no longer be available.”

Read on.

Wow, some dead people of America really don’t want Hillary Clinton or Donald Trump to be president

Interesting now that we are reading what dead people are requesting instead of flowers in their obituaries…

Washington Post:

I was pretty sure I knew who to vote for earlier this month, until Jeffrey Cohen died.

See, when Ernest Overbey died on Jan. 2, his obituary in the Richmond Times-Dispatch instructed readers to “please vote for Donald Trump” (as well as to donate to the hospital that cared for him). I’m certainly not going to reject a dying man’s wish, so that was that.

Then Mr. Cohen died in Pittsburgh. And his obituary in the Post-Gazette asked people, “Please do not vote for Donald Trump.” (Or to donate to an educational foundation.)

If there’s one thing that I know, it’s that I’m not meant to vote for Hillary Clinton. Stephen Ryan of New York (“In lieu of flowers, please don’t vote for Hillary”), Arnold Mininger of California (“In lieu of flowers, please don’t vote for for Hillary”), Michael Klein of Michigan (“Opinionated (please don’t vote for Hillary!), outspoken, sometimes even a little bit grumpy”), Elaine Fydrych of New Jersey (“In lieu of flowers, please do not vote for Hillary Clinton.”),Eddylou Brown (“In lieu of flowers, please don’t vote for Hillary”) and Karl Kmentt of Ohio (“His only regret is NOT being able to vote against Hillary Clinton in the next presidential election”) made that perfectly clear. Sorry,Harold Cecil of Florida! Your final “special request” to “please vote for Hillary in 2016” was outnumbered. This is, after all, a democracy.

This trend of telling the world how to vote after you are dead appears to be fairly recent in provenance, but maybe it’s just that the internet allows all of us to pass these things around more easily. In the year 2000, there were a few news stories about guys (it’s usually guys) asking people to vote for George W. Bush (it’s usually pro-Republican). James Hollister and James Fete both worked Dubya into their obituaries; Hollister included a plug for Cheney. In 2004, Stephen Shepard’s children celebrated his memory by running an item in the Hartford Courant posthumously guilting voters on Stephen’s behalf. “We hope that in your memory,” it read, “all your friends and admirers will vote against Bush.” Maybe they did, but it didn’t really matter in Connecticut anyway.