Former NBA player to be sentenced for Ponzi scheme - KMSP-TV

Former NBA player to be sentenced for Ponzi scheme

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Tate George (AP photo) Tate George (AP photo)

TRENTON, N.J. (AP) - A former NBA player known for a buzzer-beating shot in the NCAA Tournament more than 20 years ago faces sentencing in New Jersey.

A federal jury convicted Tate George on four counts of wire fraud last fall. Each count carries a maximum 20-year prison sentence.

Prosecutors say George got investors - including other pro athletes - to put money into what they thought was a real estate investment opportunity.

The U.S. attorney's office says George didn't invest in real estate but ran a Ponzi scheme by using the money to pay back other investors and for personal expenses.

George made his famous shot for the University of Connecticut to beat Clemson in the 1990 NCAA Tournament. He later played for the NBA's New Jersey Nets and Milwaukee Bucks.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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