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Whitebear
09-23-2011, 02:30 PM
Black Ex-NBAer Tate George charged in NJ Ponzi scheme (http://www.google.com/hostednews/ap/article/ALeqM5jXPa4tE3sp8IzSOECg2HWMG4mrsQ?docId=5418ca4e0 a214212891862104f99d925)
http://www.google.com/hostednews/ap/media/ALeqM5iFyyNa0DmBJIn1y8AZvrg-MKToWQ?docId=6783ad1615874948a743c9795296e756&size=s2
Tate George

NEWARK, N.J. (AP) — Tate George surrendered to federal authorities in New Jersey on Friday to face charges stemming from what prosecutors say was a Ponzi scheme.

George used his company, which he purported to be a real estate investment firm, to run a more than $2 million scam, prosecutors said.

George's attorney, Thomas Ashley, said his client was innocent of the charges and planned to plead not guilty.

Prosecutors claim that between 2005 and March 2011, George persuaded people — including former professional athletes — to invest in what he promised would be high-return real estate development projects in Florida, Illinois, Connecticut and New Jersey. He claimed to be managing a real estate portfolio of more than $500 million in assets as CEO of The George Group and personally guaranteed people returns on their investments, plus interest, according to prosecutors.

George instead used some of the new investor money to make principal and interest payments to existing investors, New Jersey U.S. Attorney Paul Fishman said. He also used the money for improvements on his home and personal expenses including gas, restaurant meals and clothing, Fishman said.

The Bobster
12-30-2015, 06:46 AM
http://www.nbcphiladelphia.com/news/local/NBA-Tate-George-Ponzi-Scheme-Sentencing-363804141.html

Former NBA Player Tate George Faces Sentence for Real Estate Ponzi Scheme
Published 5 hours ago

http://media.nbcphiladelphia.com/images/George+Tate+Uconn+NBA.JPG

Another day passed Tuesday without a sentence in the fraud case of a former NBA player convicted of running a real estate Ponzi scheme.

Former University of Connecticut and New Jersey Nets guard Tate George appeared in federal court in Trenton on Tuesday for the continuation of a hearing that spanned two days earlier this month. The parties are scheduled to return to court Wednesday morning.

George has been jailed since his 2013 conviction on four counts of wire fraud. Each count carries a maximum 20-year sentence, but George is expected to face considerably less time.

Prosecutors contend he convinced people, including NBA players, to invest in his company but used their money to pay off earlier investors.

George is representing himself and is disputing the amount of money prosecutors say people lost. The amount lost, which will be determined by a judge, could determine the length of George's sentence.

George has contended his real estate ventures were legitimate and that he didn't mislead investors. Among those who invested in George's company were current NBA player Charlie Villanueva, former player Brevin Knight and "The Apprentice" winner Randal Pinkett. They lost several hundred thousand dollars altogether, according to prosecutors.

In addition to the Nets, George played for the Milwaukee Bucks. The Newark native is best remembered for a buzzer-beating shot for UConn in a 1990 NCAA tournament game against Clemson.

The U.S. attorney's office said George persuaded victims to invest in real estate opportunities by lying about his company's assets and projects, then took their money and used it for personal expenses and to pay off earlier investors.

The Bobster
01-22-2016, 07:05 AM
http://www.nbcphiladelphia.com/news/sports/Former-NBA-UConn-Star-Sentenced-for-Real-Estate-Ponzi-Scheme-366117181.html

Former NBA, UConn Star Sentenced for Real Estate Ponzi Scheme
By Ben Finley
Published at 5:20 PM EST on Jan 21, 2016

http://media.nbcphiladelphia.com/images/tate-george.jpg
Tate George seen during the 1991-1992 NBA season, when he played for the New Jersey Nets. He was sentenced for running a Ponzi scheme on Thursday, Jan. 21, 2015.


Former NBA player and University of Connecticut star Tate George was sentenced Thursday to nine years in prison for running a real estate Ponzi scheme.

A federal judge in Trenton also ordered George to pay $2.5 million in restitution and serve three years of supervised release.

George was convicted more than two years ago on four wire fraud counts. His victims included current NBA player Charlie Villanueva, former player Brevin Knight and "The Apprentice" winner Randal Pinkett. They lost several hundred thousand dollars altogether, prosecutors said.

On the final day of a sentencing process that spanned several days beginning in December, George argued for more than an hour and a half for leniency while maintaining his innocence.

He didn't offer an apology, but instead continued to say he was a well-intentioned businessman whose real estate projects and investments unexpectedly fell through. :rolleyes: He repeated that his ventures were still alive and the money still out there but beyond his grasp in jail. :rolleyes:

"For the umpteenth time, I'm sorry — I'm sorry the projects got delayed," he said.

He also blamed prosecutors for withholding evidence that he said would allow him to prove his innocence. :rolleyes:

"I don't sleep at night," he added. "I'm begging to go to the law library (in jail) to get the information out."

The U.S. attorney's office said George persuaded victims to invest in real estate opportunities by lying about his company's assets and projects, then took their money and used it for personal expenses and to pay off earlier investors.

George, a 6-foot-5 guard, played for the NBA's New Jersey Nets and Milwaukee Bucks. The Newark native is best remembered for a buzzer-beating shot for UConn in a 1990 NCAA tournament game against Clemson.

Assistant U.S. Attorney Zach Intrater pleaded with U.S. District Judge Mary Cooper to lock George up for as long as possible to protect society. Federal guidelines called for a sentencing range of about seven years to nine years.

"There was a saying about Michael Jordan that you couldn't stop him — you could only contain him," Intrater said. "I submit your honor that is exactly Tate George. ... You know that he will commit more crimes."

Intrater said George had everything going for him: a full ride to UConn, a first-round NBA draft pick and the charisma to make business connections and draw investors.

The prosecutor claimed George's crimes are the "monstrous result of our culture's elevation and celebration of professional athletics."