Former NBA Player Tate George Sentenced to 9 Years for Real Estate Ponzi Scheme. Former NBA player Tate George was sentenced Thursday to nine years in prison for orchestrating a Ponzi scheme for more than $2 million, the New Jersey U.S. Attorney’s Office confirms to PEOPLE. George, 47, of Newark, a first round draft pick.
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PHILADELPHIA — A federal appeals court has upheld the nine-year prison term for former NBA player and UConn star Tate George for running a real estate Ponzi scheme.
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Former NBA Player’s Nine-Year Prison Sentence Affirmed for Role in a $2 Million Ponzi Scheme. Instead of using investments to fund real estate development projects, George used the money from new investors to pay existing investors in Ponzi-scheme fashion, as well as paying for his daughter’s sixteenth birthday party,
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Former NBA Player and CEO of the George Group Convicted on All Counts in $2 Million Ponzi Scheme U.S. Attorney’s Office September 30, 2013 District of New Jersey (973) 645-2888
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