Former NBA player charged in Ponzi scheme

According to a 2010 New York Times article, George’s company specialized in building affordable housing in his hometown of Newark, N.J. The FBI says that George told investors in his pitch that his group controlled more than $500 million in assets in all, with projects also being developed in Connecticut, Florida, Illinois and New Jersey.

But the FBI says that George, 43, used the $2 million invested between 2005 and this year to pay existing investors, as well as for clothes and meals at restaurants.

“In reality, the George Group had virtually no income generating operations,” the FBI release says.

Athletically speaking, George, who attended the University of Connecticut, was perhaps best known for hitting a game-winning shot against Clemson in the 1990 NCAA Tournament.