Former Net George Indicted In ‘Ponzi Scheme’
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NEWARK (WFAN) – 43-year-old former New Jersey Nets’ guard Tate George was indicted Friday morning on four counts of wire fraud.
George founded ‘The George Group’ and lead the company is its CEO but mislead clients by claiming that the company had over $500 million dollars in operating assets.
The George Group was charged with running a $2 million dollar ‘Ponzi Scheme.’ Clients believed they were funding real estate in New Jersey and Connecticut but that money was paid out to existing investors and George’s own personal use.
George is facing up to 20 years in prison and will have to pay $250,000 fines for each additional count if convicted.
He is best remembered for hitting a buzzer-beating game-winner for the University of Connecticut in the 1990 NCAA Tournament.