New Jersey has a long history of unsavory characters involved in less-than-honest endeavors. From crooked politicians to mob activity, the state has certainly seen it all.
So, it will probably come as no surprise to anyone that a former New Jersey NBA player is in trouble with the law. Tate George set up his base of operations for a real estate Ponzi scheme in the Garden State.
A player with the University of Connecticut and New Jersey Nets, George set up a real estate investment company that, prosecutors claim, was a $2 million scam. According to the indictment, between 2005 and March 2011, he convinced investors to put money into what he promised would be high-return real estate projects in New Jersey, Florida and Illinois.
As CEO of The George Group, he claimed to manage a $500 million real estate portfolio. He not only promised investors, including a number of professional athletes, big returns, he personally guaranteed the returns, plus interest. As new people injected money into his company, George used those funds to pay principal and interest to existing investors.
He also siphoned off large amounts to pay personal expenses such as improvements to his residence and a variety of lavish extras such as expensive restaurant meals, clothing and even gasoline for his automobiles. Of course, his attorney claims George is innocent of all charges.
Led into federal court in Newark, George spoke only long enough to say he understood his rights. His bail was set at $250,000, which was immediately secured by a property bond signed by his mother.
George was best known for a last second basket that gave UConn a victory in the NCAA regional tournament in 1990. He was the New Jersey Nets first pick in the NBA draft that year and a member of Connecticut's All Century basketball team.
His latest endeavor has cast a pall on his stellar athletic career. If convicted he faces 20 years in prison.
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Former NBA Player Charged in New Jersey Real Estate Scam
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