Former NBA player to be sentenced for Ponzi scheme - New York News

Former NBA player to be sentenced for Ponzi scheme

Posted: Updated:
Tate George (AP photo) Tate George (AP photo)

TRENTON, N.J. (AP) - A former NBA player known for a buzzer-beating shot in the NCAA Tournament more than 20 years ago faces sentencing in New Jersey.

A federal jury convicted Tate George on four counts of wire fraud last fall. Each count carries a maximum 20-year prison sentence.

Prosecutors say George got investors - including other pro athletes - to put money into what they thought was a real estate investment opportunity.

The U.S. attorney's office says George didn't invest in real estate but ran a Ponzi scheme by using the money to pay back other investors and for personal expenses.

George made his famous shot for the University of Connecticut to beat Clemson in the 1990 NCAA Tournament. He later played for the NBA's New Jersey Nets and Milwaukee Bucks.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • New Jersey NewsNew Jersey NewsMore>>

  • Search for masked robbers in Caesars heist

    Search for masked robbers in Caesars heist

    Tuesday, July 22 2014 7:25 AM EDT2014-07-22 11:25:33 GMT
    The hunt is on in southern New Jersey for two suspects who made off with more than $180K from Caesars Atlantic City casino. The brazen robbers reportedly stole the cash from two plastic boxes on the casino floor. The robbery occurred on Monday at about 6 a.m. The masked robbers took off in a vehicle. The State Police Casino Gaming Bureau is handling the investigation.
    The hunt is on in southern New Jersey for two suspects who made off with more than $180K from Caesars Atlantic City casino. The brazen robbers reportedly stole the cash from two plastic boxes on the casino floor. The robbery occurred on Monday at about 6 a.m. The masked robbers took off in a vehicle. The State Police Casino Gaming Bureau is handling the investigation.
  • Repaving of Palisades Parkway begins

    Repaving of Palisades Parkway begins

    Monday, July 21 2014 10:42 PM EDT2014-07-22 02:42:19 GMT
    Crews have begun repaving along the Palisades Interstate Parkway. The last time such work was done on the road, which links New York state to the George Washington Bridge, was the mid-1990s.
    Crews have begun repaving along the Palisades Interstate Parkway. The last time such work was done on the road, which links New York state to the George Washington Bridge, was the mid-1990s.
  • Seaside Heights carousel up for auction

    Seaside Heights carousel up for auction

    Monday, July 21 2014 7:57 PM EDT2014-07-21 23:57:00 GMT
    The 82-year-old carousel on the Seaside Heights boardwalk survived Superstorm Sandy and a devastating fire, but it may not survive changing economics. The company that owns the carousel is selling it to make room for new attractions. An auction is planned for fall, with the hope that a buyer will take the entire ride and prevent it from being broken up and sold off piecemeal.
    The 82-year-old carousel on the Seaside Heights boardwalk survived Superstorm Sandy and a devastating fire, but it may not survive changing economics. The company that owns the carousel is selling it to make room for new attractions. An auction is planned for fall, with the hope that a buyer will take the entire ride and prevent it from being broken up and sold off piecemeal.
Powered by WorldNow
Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices