UConn’s Tate George Indicted for Running Ponzi Scheme (with Complaint)

by Categorized: Legal Affairs, Public Safety, UConn Date:

One-time UConn basketball hero Tate George has been indicted on charges of running a Ponzi scheme that collected $2 million from investors to fund real-estate development projects that allegedly never existed.

Among the allegations: that George “used a portion of investors’ monies to fund home improvement projects on his personal residence and to pay his day-to-day living expenses, such as meals at restaurants, clothing, and gas.” Other money allegedly went toward mortgage payments and child support to his ex-wife.

After UConn, George played in the NBA for the Milwaukee Bucks and the New Jersey Nets. In 2000, he registered “The George Group” with the Connecticut Secretary of the State’s office, though the operation was based in New Jersey. Federal authorities say that from 2005 to 2001, George presented the outfit as a legitimate real-estate development firm, collecting cash from a variety of investors, including professional athletes. But they allege the firm actually had “virtually no income-generating operations at all.”

Read Ed Mahony’s story here, and the original federal complaint here.

And watch George’s buzzer-beater here:

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