by: Peter J. Gallagher
If you are a fan of college basketball, then you undoubtedly remember Tate George for his 1990 buzzer beater against Clemson. Along with a handful of other shots — Christian Laettner against Kentucky and Bryce Drew against Ole Miss come to mind — this was one of the best non-finals buzzer beaters in the history of the NCAA tournament:
Well, it now appears that George will have a long time to reflect on this shot as he has been arrested and charged with running a Ponzi scheme. According to the Star Ledger ("Feds Arrest Former N.J. Nets Player Tate George On Charges He Ran A Ponzi Scheme"), George turned himself after the following allegations were unsealed:
According to a complaint unsealed this morning, George, 43, of Newark, held himself out as the CEO of The George Group, which he claimed managed more than $500 million in assets, and represented to would-be investors, who included former professional athletes, that he would use their funds to buy and develop real estate projects in New Jersey and elsewhere. Between 2005 and March 2011, investors gave George roughly $2 million, according to the complaint. But instead of using the money to fund the promised projects, George used new money to pay existing investors and for his own personal use, authorities said. In reality, The George Group had virtually no income generating operations, authorities said.
Updates to follow as the case unfolds.