Ex-NBA player Tate George Convicted-to 9-Year-old real estate financial pyramid

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Posted by: Newswalle

Ex-NBA player Tate George was sentenced Thursday to nine years in prison for TRC financial pyramid more than $2 million, new Jersey, USA office of public Prosecutor confirmed the PEOPLE.

George, age 47, of Newark, first round draft pick new Jersey nets, he also played for the Milwaukee bucks, he was in 2013, four cases of fraud.

George introduced himself as the managing Director of the George group, which approves the values of more than $ 500 million in assets, according to an announcement from tax of the UNITED States.

He put potential investors is also a player of NBA and celebrities – and told them that their money will be used to Fund real estate development. But to pay under the Declaration, George “, who used the money of new investors, existing investors in Ponzi-scheme fashion.”

The statement added that George ” that will be used to money for home improvement projects, meals at restaurants, clothing and gas. In reality, the George group had virtually no income generating operations.”

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NJ.com it is reported that Jorge victims, including Charlie Villanueva, Dallas Mavericks and the participant / winner Randal Pinkett.

George is perhaps best known for his game-winner to beat with one shot in 1990-ies the NCAA tournament as a member of the University of Connecticut Clemson computer ordered to pay $2.5 million to return and to serve three years, monitors freedom, the U.S. attorney, said in a statement.

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