Tate George Accused in Multimillion Dollar Ponzi Scheme
Tate George, a former NBA basketball player and UConn basketball legend, turned himself in to federal authorities on September 23rd, 2011 in connection with charges of an alleged Ponzi scheme. In addition to being a former basketball player, Mr. George was CEO of The George Group.In his capacity as CEO of The George Group, Mr. George allegedly told investors that he would be investing their money in real estate developments in several states. Instead, federal authorities claim that Mr. George used the money from previous investors to pay later investors and kept some of the investment money for himself. Some of the investors who are reportedly harmed by this investment scam include other former professional athletes.
Mr. George is expected to fight the charges against him. If convicted, he faces up to 20 years in prison.
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