Ex-NBA player Brevin Knight involved in Ponzi scheme case

brevin-knight-bobcatsThe investigation on the Ponzi scheme carried out by former NBA player Tate George has revealed more details.

George is accused of carrying out Ponzi scheme from 2005 to 2011 that targeted friends and pro athletes, netting him $2 million. He has denied wrongdoing.

As it turned out, another former NBA player, Brevin Knight was involved, as he invested some $300,000 in with Tate’s company, The George Group.

Knight played 12 years in the NBA, appearing in 729 games (423 started), averaging 7.3 ppg, 6.1 apg.

George allegedly made false representations to perspective investors, claiming that The George Group had a real estate development portfolio worth in excess of $500 million.

That was seemingly enough to hook Brevin Knight and other athletes, according to Paul Fishman, the U.S. Attorney for the Southern District of New Jersey, CNBC reported.

The U.S. Attorney said investors’ money was actually sent to bank accounts controlled by Tate, and then used to pay for day-to-day living expenses—$3,500 for home repairs, $160 for pool services—as well as $19,000 to pay his tax bill to the IRS, and principal and interest payments to previous investors.

He also allegedly used the money to pay for clothes, meals, gas, a party for one his daughters and for a video production called “The Tate Show,” which was posted on YouTube and follows the former Huskie to family events, business meetings and parties.

George spent four seasons in the NBA with the New Jersey Nets and Milwaukee Bucks. He averaged career high 6.0 ppg for New Jersey in 1991-92 season.

In total, George played in 177 NBA games, started in 14 of them. He holds career averages of 4.2 ppg in 11.4 mpg.


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