Archive for September, 2011

Lets be honest. Who would have thought they’d see the words “NBA player” and “ran a ponzi scheme” in the same sentence?

Tate George, a former player with the National Basketball Association’s New Jersey Nets and Milwaukee Bucks, was charged with running a $2 million Ponzi scheme that targeted former professional athletes.

George, 43, raised more than $2 million for his company, The George Group, after telling investors his real-estate development portfolio was worth $500 million, according to a Federal Bureau of Investigation complaint charging him with wire fraud.

“In reality, The George Group had virtually no income generating operations,” U.S. Attorney Paul Fishman said in a statement.

George used the money he raised to pay early investors in his company and to fund living expenses such as mortgage and child-support payments, restaurant meals, clothing and gas, according to the FBI complaint. George surrendered to the FBI today and is scheduled to appear this afternoon in federal court in Newark, New Jersey.

George faces as many as 20 years in prison for the scheme, which prosecutors said ran from 2005 to March. His attorney, Thomas Ashley, didn’t immediately return a call seeking comment.

One investor, identified in the complaint as B.K., transferred $300,000 in July 2007 for what George said was a real estate project in East Orange, New Jersey, according to the complaint. George promised that he would pay the investor $18,000 in interest by the next January, the FBI said.

George was questioned under oath on March 10 about B.K.’s investment and “falsely testified that he had spent the entirety of B.K.’s $300,000 on the purported real estate project,” the FBI said.

George attended the University of Connecticut, where he hit the game-winning shot against Clemson University in the third round of the 1990 National Collegiate Athletic Association tournament. With one second remaining and Connecticut trailing by one, George caught a full-court inbounds pass from teammate Scott Burrell, spun around and hit a 15-foot jump shot as time expired.

He was selected by the Nets with the No. 22 pick in the 1990 NBA draft. In a four-year career, George averaged 4.2 points and 1.8 assists a game.

The case is U.S. v. George, 11-mag-03197, U.S. District Court, District of New Jersey (Newark).

Source: Bloomberg News

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Lets be honest. Who would have thought they’d see the words “NBA player” and “ran a ponzi scheme” in the same sentence?

Tate George, a former player with the National Basketball Association’s New Jersey Nets and Milwaukee Bucks, was charged with running a $2 million Ponzi scheme that targeted former professional athletes.

George, 43, raised more than $2 million for his company, The George Group, after telling investors his real-estate development portfolio was worth $500 million, according to a Federal Bureau of Investigation complaint charging him with wire fraud.

“In reality, The George Group had virtually no income generating operations,” U.S. Attorney Paul Fishman said in a statement.

George used the money he raised to pay early investors in his company and to fund living expenses such as mortgage and child-support payments, restaurant meals, clothing and gas, according to the FBI complaint. George surrendered to the FBI today and is scheduled to appear this afternoon in federal court in Newark, New Jersey.

George faces as many as 20 years in prison for the scheme, which prosecutors said ran from 2005 to March. His attorney, Thomas Ashley, didn’t immediately return a call seeking comment.

One investor, identified in the complaint as B.K., transferred $300,000 in July 2007 for what George said was a real estate project in East Orange, New Jersey, according to the complaint. George promised that he would pay the investor $18,000 in interest by the next January, the FBI said.

‘Falsely Testified’

George was questioned under oath on March 10 about B.K.’s investment and “falsely testified that he had spent the entirety of B.K.’s $300,000 on the purported real estate project,” the FBI said.

George attended the University of Connecticut, where he hit the game-winning shot against Clemson University in the third round of the 1990 National Collegiate Athletic Association tournament. With one second remaining and Connecticut trailing by one, George caught a full-court inbounds pass from teammate Scott Burrell, spun around and hit a 15-foot jump shot as time expired.

He was selected by the Nets with the No. 22 pick in the 1990 NBA draft. In a four-year career, George averaged 4.2 points and 1.8 assists a game.

The case is U.S. v. George, 11-mag-03197, U.S. District Court, District of New Jersey (Newark).

Source: Bloomberg News

Rihanna in a bikini. Oh my.Rihanna goes clubbing in “We Found Love,” the singer’s new Calvin Harris-produced track off her just-announced sixth album. Thumping beats, airy vocals and repetitive synth keyboard riffs punctuate the upbeat dance jam.

The lyrics to “We Found Love” are equally as shimmery as the music: “Yellow diamonds in the light; And we’re standing side by side. As your shadow crosses mine; What it takes to come alive.”

Ri revealed the song title on Monday in a Twitter post. “NP: ‘WE FOUND LOVE,'” she said. “We Found Love” was produced by Harris, the Scottish producer/DJ whose single “Bounce” is currently at No. 11 on the Dance Airplay chart. The single is reportedly being released on Oct. 11, although Island Def Jam has yet to confirm the release date.

In equally awesome news, it was also revealed Thursday that the singer’s new album will be released Nov. 21. She hinted last week on Twitter that a new release would drop “THIS FALL!!!!!” Though an official title has not been announced, Rihanna has simply described the new disc as “GangstaR.”

Her upcoming release will mark Rihanna’s sixth studio album since her “Music of the Sun” arrival in 2005 and will come nearly a year after her last set, “Loud,” was released in November of 2010. This sort of rapid-fire release pattern isn’t new for the star: since 2005, she’s dropped a new album every year except for 2008.

“Loud” debuted and peaked at No. 3 on the Billboard 200 chart and has sold 1.5 million copies in the U.S. according to Nielsen SoundScan. It has spawned six Billboard Hot 100 hit singles, and of those, three were No. 1s: “Only Girl (In the World),” “What’s My Name?” (featuring Drake) and “S&M” (featuring Britney Spears). “Loud” is her second-biggest selling album next to only 2007’s “Good Girl Gone Bad” (2.7 million).

“Loud’s” most recent hit, “Cheers (Drink to That),” became the album’s fourth top 10 this week, as it climbed 11-10 in its seventh week on the tally.

Source: The Juice @ Billboard