Former NBA Player Tate George Indicted On Wire Fraud Charges
SMH. Clearly the NBA needs to step up their 401 K plan.
Former NBA player Tate George was indicted Friday by a Newark grand jury for allegedly orchestrating a $2 million Ponzi scheme, the US Department of Justice said.
George, who played four seasons of professional basketball as a guard for the New Jersey Nets and the Milwaukee Bucks, was indicted on four counts of wire fraud.
Prosecutors alleged that George raised more than $2 million from investors between 2005 and 2011, claiming it would be used to finance George Group, his supposed real estate investment business.
However, prosecutors said George Group had virtually no business at the time. Instead, the money was allegedly used to repay prior investors, to fund home-improvement projects and to pay for meals, clothing and gasoline.
Under the wire fraud counts with which he is charged, George faces a maximum potential penalty of 20 years in prison and a $250,000 fine for each count.
An attorney for George wasn’t immediately available for comment.
This guy looks like a complete doofus. We can’t believe anybody would even trust him with their money to begin with.