NCAA BK

George convicted of fraud

Share This Story

   
 

TRENTON, N.J. (AP)

A former NBA player best known for his 1990 tournament buzzer-beater for the University of Connecticut was convicted Monday of four counts of federal wire fraud in a Ponzi scheme that netted him $2 million.

Authorities said Tate George carried out a profitable scheme that lined his pockets from 2005 to early 2011, even though his purported real estate development firm - The George Group - had virtually no income-generating operation.

Prosecutors say he used money from new investors to pay previous investors or for home improvements and personal expenses, including his daughter's Sweet 16 birthday party. George also gave money to family members and friends and spent nearly $3,000 to promote a Tate George ''reality show'' that is still available on YouTube.

A federal jury in Trenton, N.J., returned the verdict after a three-week trial. Prosecutors say George's bail was immediately revoked, and his sentencing was scheduled for Jan. 16.

''The defendant has an incentive to run,'' Joseph Shumofsky, the lead federal prosecutor, told the judge. ''If your honor lets him walk out of the courthouse today, there is more than a good chance that we will never see him again.''

Each count of wire fraud carries a penalty of up to 20 years in prison and a $250,000 fine.

George spent four seasons in the NBA with the New Jersey Nets and Milwaukee Bucks. He's best known for catching a full-court pass and sinking a jumper at the buzzer to give UConn a victory in a 1990 NCAA regional semifinal against Clemson.

During the trial, prosecutors said George held himself out as the CEO of The George Group and claimed to have more than $500 million in assets under management. He pitched prospective investors, including several former pro athletes, to invest with the firm and told them their money would be used to fund the purchase and development of real estate projects, including some in Connecticut and New Jersey.

George told some prospective investors that their funds would be held in an attorney trust account, prosecutors said, and he personally guaranteed the return of their investments, with interest.

Related Stories

Member Comments

Please note by clicking on "Post comment" you acknowledge that you have read the Terms of Use and the comment you are posting is in compliance with such terms. Be Polite. Inappropriate posts may be removed by the moderator.

powered by


NCAA BK Videos

Cuonzo Martin new head coach at Cal Posted: Apr 16, 2014
Cuonzo Martin is introduced as Cal's new head coach.

Francesa: Calipari doesn't tell NBA the truth Posted: Apr 14, 2014
John Calipari says that he will lie to the NBA when asked about players.

Francesa: Kentucky players 'attacked' all year Posted: Apr 14, 2014
John Calipari talks about how he used negative press to turn his team into a cha...

Fox Sports Store

    itemName itemURL imageSrc price itemDescription
    Nike Florida Gators #1 Replica Elite Basketball Jersey - Black http://shop.foxsports.com/FOX_Florida_Gators/browse/featuredproduct/885881/source/foxsports_prsp_ca http://images.footballfanatics.com/FFImage/thumb.aspx?i=/productImages/_885000/ff_885881_xl.jpg&w=100 74.95 Nike Florida Gators #1 Replica Elite Basketball Jersey - Black
    Nike Georgetown Hoyas #22 Hyper Elite Road Performance Jersey - Navy Blue http://shop.foxsports.com/FOX_Georgetown_Hoyas/browse/featuredproduct/1030243/source/foxsports_prsp_ca http://images.footballfanatics.com/FFImage/thumb.aspx?i=/productImages/_1030000/ff_1030243_xl.jpg&w=100 119.95 Nike Georgetown Hoyas #22 Hyper Elite Road Performance Jersey - Navy Blue
    Nike Duke Blue Devils #5 Tourney Takeover Replica T-Shirt - Duke Blue http://shop.foxsports.com/FOX_Duke_Blue_Devils/browse/featuredproduct/1032710/source/foxsports_prsp_ca http://images.footballfanatics.com/FFImage/thumb.aspx?i=/productImages/_1032000/ff_1032710_xl.jpg&w=100 27.95 Nike Duke Blue Devils #5 Tourney Takeover Replica T-Shirt - Duke Blue
    Nike Oregon Ducks X-Ray Ball T-Shirt - Green http://shop.foxsports.com/FOX_Oregon_Ducks/browse/featuredproduct/1052002/source/foxsports_prsp_ca http://images.footballfanatics.com/FFImage/thumb.aspx?i=/productImages/_1052000/ff_1052002_xl.jpg&w=100 24.95 Nike Oregon Ducks X-Ray Ball T-Shirt - Green
    Nike Ohio State Buckeyes Road Warrior Tri-blend T-Shirt - Scarlet http://shop.foxsports.com/FOX_Ohio_State_Buckeyes/browse/featuredproduct/1052645/source/foxsports_prsp_ca http://images.footballfanatics.com/FFImage/thumb.aspx?i=/productImages/_1052000/ff_1052645_xl.jpg&w=100 29.95 Nike Ohio State Buckeyes Road Warrior Tri-blend T-Shirt - Scarlet
    Indiana Hoosiers 2013 NCAA Men\'s Basketball Road to March Madness T-Shirt - Crimson http://shop.foxsports.com/FOX_Indiana_Hoosiers/browse/featuredproduct/1124528/source/foxsports_prsp_ca http://images.footballfanatics.com/FFImage/thumb.aspx?i=/productImages/_1124000/ff_1124528_xl.jpg&w=100 19.95 Indiana Hoosiers 2013 NCAA Men\'s Basketball Road to March Madness T-Shirt - Cri..
    adidas Louisville Cardinals 2013 March Madness #10 Premier Swingman Jersey - Red http://shop.foxsports.com/FOX_Louisville_Cardinals/browse/featuredproduct/1127200/source/foxsports_prsp_ca http://images.footballfanatics.com/FFImage/thumb.aspx?i=/productImages/_1127000/ff_1127200_xl.jpg&w=100 89.95 adidas Louisville Cardinals 2013 March Madness #10 Premier Swingman Jersey - Red
    adidas Notre Dame Fighting Irish 2013 March Madness #45 Premier Swingman Jersey - White http://shop.foxsports.com/FOX_Notre_Dame_Fighting_Irish/browse/featuredproduct/1127218/source/foxsports_prsp_ca http://images.footballfanatics.com/FFImage/thumb.aspx?i=/productImages/_1127000/ff_1127218_xl.jpg&w=100 89.95 adidas Notre Dame Fighting Irish 2013 March Madness #45 Premier Swingman Jersey ..
    Nike Gonzaga Bulldogs March Madness Bracketville T-Shirt - Navy Blue http://shop.foxsports.com/FOX_Gonzaga_Bulldogs/browse/featuredproduct/1155821/source/foxsports_prsp_ca http://images.footballfanatics.com/FFImage/thumb.aspx?i=/productImages/_1155000/ff_1155821_xl.jpg&w=100 24.95 Nike Gonzaga Bulldogs March Madness Bracketville T-Shirt - Navy Blue
    Top of the World Miami Hurricanes 2013 NCAA ACC Men’s Basketball Tournament Champions Adjustable Hat – Green http://shop.foxsports.com/FOX_Miami_Hurricanes/browse/featuredproduct/1177723/source/foxsports_prsp_ca http://images.footballfanatics.com/FFImage/thumb.aspx?i=/productImages/_1177000/ff_1177723_xl.jpg&w=100 25.95 Top of the World Miami Hurricanes 2013 NCAA ACC Men’s Basketball Tournament Cham..