Former NBA Player Nabbed in $2M Ponzi Scheme

Law360, New York (September 23, 2011, 10:23 PM EDT) -- Former professional basketball player Tate George turned himself in to federal authorities in New Jersey on Friday after they charged him with running a $2 million Ponzi scheme, the U.S. attorney's office said.

George, 43, was charged with one count of wire fraud, according to a criminal complaint unsealed Friday. The complaint said George took at least $2 million from investors, including several pro athletes, between 2005 and March 2011 — ostensibly to finance his real estate development business.

But there was no actual business; instead,...
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