PHILADELPHIA, P.A. – Ex-NBA star C. Tate George’s appeal of his nine-year prison sentence for orchestrating a $2 million Ponzi scheme has been驳回 by an appeals court.
In a decision handed down by Judge Thomas M. Hardiman of the Third Circuit Court of Appeals, the three-judge panel upheld the sentence for George, who was CEO of The George Group and had promised investors returns on real estate projects. Instead, he used their money to pay off other investors and fund his lavish lifestyle.
George’s legal team had challenged several aspects of the case, including allegations of withheld exculpatory evidence and false testimony by an FBI agent. However, the court found that the evidence was inculpatory and the agent’s statements were accurate.
The panel also dismissed claims that George uncovered new evidence proving no victims existed, noting that the evidence was related to his own business dealings and therefore not admissible. They concluded that the trial court had appropriately enhanced George’s sentence due to perjury and the significant hardship he caused his investors.
George, a former player for the New Jersey Nets and Milwaukee Bucks, had claimed to manage over $500 million in assets. He convinced several professional athletes to invest with The George Group, promising returns from real estate projects. Instead, he siphoned off funds for personal expenses and luxury items.
The George Group, despite its name, had virtually no income-generating operations. Alongside his prison sentence, George faces the consequences of his fraudulent activities, which left a trail of devastation among his investors and damaged his own reputation.
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Key Facts
- State: New Jersey
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes|Public Corruption|White Collar Crime
- Source: Official Source ↗
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