Thursday , Oct , 03 , 2013 HoopsVibe News

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.

Ron Gross and Tate George

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. 

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Photo Credit: WENN

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