Ex NBA Player Tate George Faces 20 Years In Prison After Ponzi Scheme Conviction
He are the details of the case are reported by CBS Sports.
Prosecutors alleged that George used his real estate company as a piggybank and swindled investors out of $2 million. Among George’s victims was former NBA point guard Brevin Knight, who invested $300,000 in 2007 and became suspicious when dividends went unpaid. Knight was the first witness to testify against George at trial.
Instead of investing funds in real estate developments, George used the money to float homes in West Orange, N.J., and Boca Raton, Fla., and fund a reality TV show about his life, prosecutors said. George also used the money to pay his personal income taxes and siphoned money from new investors to pay back old ones, prosecutors said.
A reality show about his life? Who was he kidding?
George was the 22nd overall pick in the 1990 NBA draft and played four seasons in the league. Although his NBA career wasn’t much to speak of, some will remember him for his buzzer-beating winning shot against Clemson during final year at UCONN.
Sentencing is scheduled for January, 2014.