Ex-NBAer Tate George charged in NJ Ponzi scheme - WAOW - Newsline 9, Wausau News, Weather, Sports

Ex-NBAer Tate George charged in NJ Ponzi scheme

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NEWARK, N.J. (AP) -- Bail has been set at $250,000 for a former NBA player charged with running a Ponzi scheme in New Jersey.

Tate George hit one of the most memorable shots in UConn basketball history and then went on to a brief NBA career. He surrendered to federal authorities on Friday to face charges stemming from what prosecutors say was a Ponzi scheme.

They say George used his company to get more than $2 million from investors for purported real estate development projects.

George's attorney, Thomas Ashley, says his client is innocent and will plead not guilty.

Wearing a gray-green suit and with his wrists handcuffed in front of him, George spoke briefly to say he understood his rights at his first appearance federal court in Newark.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

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