Ex-Net Tate George Sentenced To 9 Years For Fraud
TRENTON, N.J. (CBSNewYork/AP) -- Former New Jersey Nets player and UConn star Tate George has been sentenced to nine years in prison for running a real estate Ponzi scheme.
George was sentenced Thursday by a federal judge in Trenton.
Best known for his buzzer-beating shot against Clemson in the 1990 NCAA Tournament, Tate was found guilty in 2013 on four counts of federal wire fraud. His victims included current and former NBA players and celebrities.
George, 47, argued for more than an hour and a half for leniency while maintaining his innocence.
He has been jailed since his conviction.
Prosecutors contend he persuaded people to invest in his company, The George Group, but used their money to pay off earlier investors. George also allegedly gave money to family members and friends and spent nearly $3,000 to promote a Tate George "reality show" that is still available on YouTube.
George also was ordered to pay $2.5 million in restitution and serve three years of supervised release.
George, a guard, played for the Nets for three seasons, from 1990-93, before spending the 1994-95 season with the Milwaukee Bucks. His best season came in 1991-92, when he averaged 6 points and 2.3 assists per game.
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