Former UConn Huskies basketball star Tate George is best remembered for his miraculous buzzer-beating shot to defeat Clemson in the 1990 NCAA Tournament. That might change now that he has turned himself in for allegedly orchestrating a multimillion dollar Ponzi scheme.
Former UConn Player Tate George Faces Fraud Charges In Ponzi Scheme
Former UConn star Tate George has turned himself in for allegedly orchestrating a multimillion dollar Ponzi scheme.
According to the complaint, which was unsealed today in New Jersey, George, who played for the New Jersey Nets and Milwaukee Bucks, held himself out as the CEO of The George Group, claiming to have more than $500 million in assets under management. He is accused of pitching prospective investors, including several former professional athletes, to invest with the firm.
Investors had invested more than $2 million between 2005 and March 2011. George is accused of splitting the money between his firm’s and his personal bank account. According to authorities, the The George Group had “virtually no income generating operations.”
George is accused of using money for home improvements, meals, clothing and gas. He would also use money from newer investors to pay off older ones.
George faces a maximum potential penalty of 20 years in prison and a $250,000 fine.
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