Former NBA Player Tate George Arrested in $2 Million Ponzi Scheme
Tate George has put on a few pounds since his NBA days.
I don’t know how people think they can get away with Ponzi Schemes. The whole premise of the con is eventually you will get caught unless you pay back all the money you are stealing which never happens.
Someone always notices at some point.
So, unless you plan on just bouncing to Switzerland before the catch on you will end up like Tate George.
Former NBA player Tate George was indicted Friday by a Newark grand jury for allegedly orchestrating a $2 million Ponzi scheme, the US Department of Justice said.
George, who played four seasons of professional basketball as a guard for the New Jersey Nets and the Milwaukee Bucks, was indicted on four counts of wire fraud.
Prosecutors alleged that George raised more than $2 million from investors between 2005 and 2011, claiming it would be used to finance George Group, his supposed real estate investment business.
However, prosecutors said George Group had virtually no business at the time. Instead, the money was allegedly used to repay prior investors, to fund home-improvement projects and to pay for meals, clothing and gasoline.
Under the wire fraud counts with which he is charged, George faces a maximum potential penalty of 20 years in prison and a $250,000 fine for each count.
Gas prices are really high.