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In 1978, the NFL witnessed the “Miracle at the Meadowlands” when Philadelphia Eagles cornerback Herman Edwards returned a fumble recovery for a touchdown for a 19-17 win over the New York Giants. A dozen years later, basketball had its version of the “miracle” when UConn’s Tate George saved the No. 1-ranked Huskies from elimination in the Sweet 16 against the No. 5-ranked Clemson Tigers.
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With one second left, George caught a three-quarters-court inbounds pass from Scott Burrell and shot a turnaround that swished the net and allowed the Huskies to escape with a 60-79 win. That basket propelled George to national stardom and helped him get picked in the first round of the 1990 NBA Draft, 22nd overall, by the New Jersey Nets.
However, it was also the same stardom that George used to defraud investors in his company through a Ponzi scheme, which landed him in jail.
“Those who perpetrate Ponzi schemes shamelessly trade on relationships with those who trust them,” U.S. Attorney Fishman said. “In this case, George relied on his sports stardom to attract unwitting investors. His crimes justified today’s lengthy sentence.”
Tate’s company never had any income-generating operations
George ended up playing only four seasons in the NBA. He went on to establish “The George Group” to purchase and develop real estate in Connecticut and New Jersey. However, after enticing investors, including former athletes, to invest in his firm, Tate misused the money for personal gain.
With $2 million gone, George tried to cover up his misdeeds by attracting more investors. But instead of actually operating, the company had no income-generating operations. Instead, Tate ran a Ponzi scheme, which, like most of its kind, was eventually caught.
“By shamelessly cashing in on his celebrity, C. Tate George stole $2 million from investors who trusted him as a former NBA athlete,” FBI-Newark Special Agent in Charge Richard M. Frankel said. “George used the money to pay other investors in the Ponzi-style scheme and lined his pockets with the rest, funding extensive renovations on his home, paying for his daughter’s sixteenth birthday party and producing a reality video about himself.”
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A long prison sentence
In 2016, George was sentenced to 108 months’ imprisonment, ordered to pay $2.55 million in restitution, and entered into a forfeiture money judgment for the same amount. The former New Jersey Nets guard was also sentenced to three years of supervised release. George appealed his case, but the federal court upheld the verdict.
“It’s a sad situation,” Burrell said in 2015. “It just shows you can’t take shortcuts in life. You won’t be happy taking a shortcut…I did talk to him a couple of times. I saw him at a Nets game one time after this all came out. We just talked a little. I didn’t really bring that up, but I read the history of it.”
“If he’s doing his time now, serve it well and get out and change your life to a better life. And teach young kids that taking shortcuts is not going to work,” Burrell added.
Because Tate was immediately jailed after his 2013 conviction, he had already served time while his appeal was being heard. And when it was rejected in 2017, George had already spent four years in prison; he was released from prison in 2021.
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This story was originally published September 14, 2026 at 3:55 AM.