Ex-NBA Player Indicted For Running $2M Ponzi Scheme

Law360, Wilmington (March 23, 2012, 8:28 PM EDT) -- A federal grand jury in New Jersey handed down an indictment on Friday accusing former professional basketball player Tate George of running a $2 million Ponzi scheme disguised as a real estate development firm.

George, 43, of Newark, N.J., was indicted on four counts of wire fraud. The former ballplayer allegedly bilked investors, including several professional athletes, out of $2 million between 2005 and 2011. George told investors their money would fund The George Group, a real estate development business he claimed had a portfolio worth...
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