According to the Associated Press, George "used The George Group to run the more than $2 million investment fraud scam. Prosecutors say George persuaded people, including former professional athletes, to invest in what he promised would be high-return real estate projects. The U.S. attorney says George instead used some of the money to pay existing investors and personal expenses."
Between 2005 and 2011, prosecutors told the AP, George persuaded the clients to invest in what were portrayed as high-return real estate development projects in Florida, Illinois, Connecticut and New Jersey. He claimed The George Group had more than $500 million in assets under management.
George, 43, is best known for the buzzer beating shot he hit to beat Clemson in the 1990 NCAA tournament. After catching the full-court pass from Scott Burrell, George gathered himself and hit "The Shot" as it immediately became known. George, from Newark, was a guard at UConn from 1986-90 and is a member of the UConn all-century team. In addition to the 1990 Elite Eight team, George also was a member of UConn's 1988 National Invitation Tournament championship team.
George went on to play in 177 NBA games over four seasons for New Jersey and Milwaukee.
He was scheduled for an initial court appearance Friday afternoon. If convicted, George would face up to 20 years in prison and a $250,000 fine.