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Former NBA Player Busted for Running Ponzi
September 26, 2011
After a lackluster NBA career, playing for the New Jersey Nets and the Milwaukee Bucks, he was CEO of a New Jersey real estate development firm - or so it seemed. Tate George was charged by federal prosecutors with operating a $2 million Ponzi scheme.
It's alleged that George collected funds from investors -including several former pro athletes - which he deposited into the bank accounts of his supposed firm The George Group; some money was deposited into personal accounts. The alleged scheme ran from 2005 until March of this year.
Instead of financing development projects as claimed, George used the money to pay other investors, as well as personal expenditures - like home-improvement and other personal expenses. According to the criminal complaint, the firm "had virtually no income generating operations." Nevertheless, George claimed to potential investors that The George Group had more than $500 million in assets, which he claimed to was used for projects in Florida, Illinois, Connecticut and New Jersey.
George also was charged with 1 count of wire fraud. If convicted, he faces a maximum penalty of 20 years in prison and a $250k fine. [Reuters, 9/23/11]
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