Ex-NBA point guard Tate George convicted in $2 million ponzi scheme
Former NBA point guard Tate George has been convicted of wire fraud charges after a federal jury found him guilty of running a $2 million ponzi scheme with victims that included some of his fellow NBA players. He was convicted on Monday and faces a $250,000 fine for each of the four counts. He also faces 25 years in prison.
According to CBS Sports:
Prosecutors alleged that George used his real estate company as a piggybank and swindled investors out of $2 million. Among George’s victims was former NBA point guard Brevin Knight, who invested $300,000 in 2007 and became suspicious when dividends went unpaid. Knight was the first witness to testify against George at trial.
Prosecutors say he used the money to pay for homes in New Jersey and Florida and to fund a reality show about his life. He also paid his income taxes and paid off older investors.
I assume he had enough money to live off of when he left the NBA, but now I’m not sure why he would do this to people he considered friends. Clearly he needed money to continue his lifestyle, but he should have considered losing a house and downgrading his lifestyle when it was necessary. Now he’s lost everything, including his freedom.
I’m reminded of the proverb which says, for the love of money is the root of evil.
Your Jersey Girlfriend,