NEWARK, N.J. (AP) — A former NBA player has been indicted in New Jersey on federal charges he ran a more than $2 million Ponzi scheme.
Prosecutors say C. Tate George used The George Group to run the investment fraud scam. The indictment on four counts of wire fraud was announced Friday.
Prosecutors say George persuaded people, including former professional athletes, to invest in what he promised would be high-return real estate projects.
The U.S. attorney’s office says George instead used some of the money to pay existing investors and personal expenses.
