Former NBA Player and CEO of the George Group Sentenced to Nine Years in Prison for Role in a $2 Million Ponzi Scheme

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TRD investigates how a former NBA star, Tate George, built a real estate fraud scheme around his basketball ties. Tags: Commercial Real Estate, ponzi scheme, real estate crimes

Former NBA Player and CEO of the George Group Sentenced to Nine Years in Prison for Role in a $2 Million Ponzi Scheme C. Tate George, former NBA basketball player and the CEO of purported real estate development firm The George Group, was sentenced today to 108 months in prison for his role in orchestrating a $2 million investment fraud scheme, announced U.S. Attorney Paul J. Fishman for the District of New Jersey.

TRENTON, N.J. >> Former NBA player and UConn 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.

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Former NBA Player and CEO of the George Group Convicted on All Counts in $2 Million Ponzi Scheme. The jury deliberated four hours before convicting George, 45, of Newark, of four counts of wire fraud after a three-week trial before U.S. District Judge Mary L. Cooper. George was immediately remanded into federal custody to await sentencing, which is scheduled for January 16, 2014.

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Tate George, a former basketball star at the University of Connecticut who spent four years in the NBA in the early-mid 90’s, will spend the next nine years in prison for "orchestrating" a.

Former NBA Player and CEO of the George Group Sentenced to Nine Years in Prison for Role in a $2 Million Ponzi Scheme C. Tate George, former NBA basketball player and the CEO of purported real estate development firm The George Group, was sentenced today to 108 months in prison for his role in orchestrating a $2 million investment fraud scheme, announced U.S. Attorney Paul J. Fishman for the District of New Jersey.