Former UConn Basketball Guard Tate George Charged in $2 Million Ponzi Scheme

by Mike Cole on Fri, Sep 23, 2011 at 9:53PM

Former NBA player Tate George had a brief and forgettable career playing professional basketball. However, if the latest allegations against him are proven true, retirement will be a lot worse.

George, who played college hoops at UConn, was charged with running a $2 million Ponzi scheme, according to a report by Bloomberg.

The 43-year-old was able to make $2 million for his company by telling investors that his real-estate company had a portfolio worth more than $500 million.

George surrendered to the FBI on Friday, and the former Net and Buck could be looking at up to 20 years in prison for his actions. According to the report, George began the scheme in 2005.

He and his defense maintain his innocence, but in 2007, former NBA player Brevin Knight was awarded $450,000 after he filed a breach-of-contract suit against George and his company, The George Group. Knight had originally invested $300,000 with George.

"[George] maintains his innocence and will plead not guilty," his attorney, Thomas Ashley, said according to the report. "All these charges are clearly defensible."