Ex-UConn Star Tate George was sentenced to 9 years in jail for his role in what a judge decided was a Ponzi scheme. George reportedly had made over $2.5 million from 17 investors- one of those being Charlie Villanueva. The judges decision from The Comeback:
“Those who perpetrate Ponzi schemes shamelessly trade on relationships with those who trust them. In this case, George relied on his sports stardom to attract unwitting investors. His crimes justified today’s lengthy sentence.”
George denied that his business was a Ponzi scheme, but to no avail. The FBI wasn’t fooled:
“The FBI indicated he lied to investors about what their money would be used for. Instead of using the funds to invest in real estate holdings, he put them to personal use and paid off previous investors. Some of those personal uses included spending $60,000 on home renovations, $6,000 on his daughter’s birthday party and a “Tate George” reality show pilot, among other things.”
Check out the incredibly weird pilot they were referring to:
https://www.youtube.com/watch?v=K4WyABcetSM
I’m not a fan of reality shows as it is, but even I can tell how bad that is.