Tate George Ponzi Scheme Tricks NBA Players Out of Millions.
He's no Bernie Madoff, but Tate George still tricked NBA players out of their money.
HoopsVibe's Very Quick Call: I know one guy who's not invited to the ESPY's.
Bernie Madoff scammed investors out of $36 billion. Yes, that billion with a "B," so in comparison former NBA guard Tate George is a small player in the world of ponzi schemes. CBS Sports reported Tate George was convicted of wire fraud by a federal jury and found guilty of running a $2 million ponzi scheme where he defrauded fellow athletes.
George, 45, played for the New Jersey Nets, and Milwaukee Bucks during is 4-year career, but is best known for last second game winning shot against Clemson in the 1990 NCAA tournament.
He was taken into custody and faces up to 20-years in prison and $1 million in fines. His sentencing is scheduled for January.
Prosecutors claim that George used his real estate company as a piggybang to swindle athletes he convinced to invest with him out of their money. George claimed to own over $500 million in real estate that was entirely false. One of those swindled was Brevin Knight who invested $300,000 in 2007 and became suspicious when dividends were not paid out. Detroit Piston Charlie Villanueva also testified against Tate George after getting scammed out of $250,000.
George used the investment money of fellow athletes and purchased homes in Boca Raton, FL and West Orange, NJ, as well as his own reality show.
Photo Credit: WENN