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Former NBA player to be sentenced for Ponzi scheme

Associated Press

Publication: theday.com

Published June 18. 2014 7:08AM   Updated June 18. 2014 7:09AM

Trenton, N.J. — A former NBA player known for a buzzer-beating shot in the NCAA Tournament more than 20 years ago faces sentencing in New Jersey.

A federal jury convicted Tate George on four counts of wire fraud last fall. Each count carries a maximum 20-year prison sentence.

Prosecutors say George got investors — including other pro athletes — to put money into what they thought was a real estate investment opportunity.

The U.S. attorney's office says George didn't invest in real estate but ran a Ponzi scheme by using the money to pay back other investors and for personal expenses.

George made his famous shot for the University of Connecticut to beat Clemson in the 1990 NCAA Tournament. He later played for the NBA's New Jersey Nets and Milwaukee Bucks.

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