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Tate George Ponzi Scheme: Ex-NBA Player, NCAA Hero Indicted For Wire Fraud In NJ

03/23/12 01:45 PM ET AP

Tate George Ponzi Scheme Indicted Ncaa
Connecticut's Tate George, who had the game winning shot against Clemson Thursday, reacts during overtime action against Duke in the NCAA East Regional Final at East Rutherford, N.J. Saturday, March 24, 1990. Duke won the game 79-78. (AP Photo)

NEWARK, N.J. -- 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.

The 43-year-old George played for the New Jersey Nets and the Milwaukee Bucks. The former University of Connecticut player is perhaps best known for hitting a buzzer beater in the 1990 NCAA Tournament.

His attorney didn't immediately return a call for comment.

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Filed by Chris Greenberg  |