NEWARK, N.J. – Tate George, who hit one of the most memorable shots in UConn basketball history and then went on to a brief NBA career, surrendered to federal authorities in New Jersey on Friday to face charges stemming from what prosecutors say was a Ponzi scheme.
George used his company, which he purported to be a real estate investment firm, to run a more than $2 million scam, prosecutors said.
George’s attorney, Thomas Ashley, said his client was innocent of the charges and planned to plead not guilty.
Prosecutors claim that between 2005 and March 2011, George persuaded people — including former professional athletes — to invest in what he promised would be high-return real estate development projects in Florida, Illinois, Connecticut and New Jersey. He claimed to be managing a real estate portfolio of more than $500 million in assets as CEO of The George Group and personally guaranteed people returns on their investments, plus interest, according to prosecutors.
George instead used some of the new investor money to make principal and interest payments to existing investors, New Jersey U.S. Attorney Paul Fishman said. He also used the money for improvements on his home and personal expenses including gas, restaurant meals and
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