Former NBA Player Charged In Ponzi Scheme

Professional athletes, and former pro athletes, are always at risk of being preyed upon by dishonest advisors, untrustworthy friends and others who view them as prime targets because of their substantial earnings and public persona. Like other people, athletes may find it difficult to judge the quality and honesty of those who want to do business with them. And, like many, it may be difficult for them to understand how to properly invest and protect their assets.

The risk of becoming the victim of an unscrupulous investment scheme is only enhanced for pro athletes if the person seeking their money is a former professional athlete himself.

That’s what authorities believe occurred in the case of Tate George, a former NBA player with the New Jersey Nets and Milwaukee Bucks, now charged with running a $2 million Ponzi scheme, one which preyed on ex-pro athletes like himself.

Former NBA player, Brevin Knight, was previously awarded a $450,000 judgment against George in connection with a $300,000 loan he made for a real estate development project in New Jersey. Now authorities have charged George with investment fraud on a larger scale, claiming he lied to pro athletes, about the size of his real estate portfolio, causing several to invest money which he used to pay personal living expenses and early investors (the hallmark of a Ponzi scheme).

George, who lasted four years in the NBA, might be facing 20 years in Federal prison.

Schein & Cai handles investment fraud litigation. Contact us for a free consultation.

Find us on the web at www.sacattorneys.com.

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