Former NBA star sentenced in Ponzi scheme: Tate George, once a first-round NBA draft pick, will go to federal prison for nine years thanks to his role in a $2.55 million ponzi scheme.
According to the US Attorney’s Office in New Jersey, former NBA Basketball player with New Jersey Nets and Milwaukee Bucks, C Tate George was sentenced to 108 months or 9 years, for running a 2 million dollar ponzi scheme.
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Former NBA Player’s Nine-Year Prison Sentence Affirmed for Role in a $2 Million Ponzi Scheme. Instead of using investments to fund real estate development projects, George used the money from new investors to pay existing investors in Ponzi-scheme fashion, as well as paying for his daughter’s sixteenth birthday party,
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