PennStateHoops.com Discussion Forum

Former UCONN great Tate George arrested for running a Ponzi scheme


#1

Tate was the poster boy for UCONN’s emergence as a national player about 20 years ago and has generally been a great spokesman for the program.

http://www.courant.com/sports/basketball/hc-tate-george–0924-20110923,0,6999578.story


#2

Now he can be a poster boy for UConn’s cheating. :-\


#3

Only $2M? Pretty lousy con man.


#4

[quote=“Great Santini, post:1, topic:2687”]Tate was the poster boy for UCONN’s emergence as a national player about 20 years ago and has generally been a great spokesman for the program.

http://www.courant.com/sports/basketball/hc-tate-george–0924-20110923,0,6999578.story[/quote]

 ...fitting....    :-[

#5

That’s probably all they’ve been able to identify so far. Just like “Kids for Cash” in Luzerne Cty, I’ll bet there’s more that hasn’t been discovered yet.


#6

Glass houses?

Let’s not get too indignant.


#7

With the economy the way it is, IMO, you’ll see more of this type stuff, ponzi schemes, drug related crimes, other frauds, etc. Stealing copper from homes was the rage a couple months back. One church had it happen three times. One building had all their heavy metal doors taken. Hope the stock market isn’t a leading indicator this time. Not sure the country can take a downturn from the current economic levels.


#8

Have to agree with you, Kid. There are lots of people who go into business deals with only the best of intentions and then they get backed into a corner and have to resort to something illegal to get by - and it just snowballs from there.


#9

I think there are probably 100’s of ponzi schemes out there, if not 1,000’s people just don’t know it yet because they haven’t gone to take their money out yet. A lot of these independent brokers/advisors my bet got in over their head and have portfolio’s down well over 50% but just haven’t told their clients yet and continue to pay them ‘modest’ returns to stay afloat. I don’t think these guys are the type that is like Madoff and the others pocketings billions, but small time guys that are managing a few million and just lost it because the economy went bad and they haven’t let their clients in on the issue yet.


#10
[quote="GoSpikes, post:3, topic:2687"]Only $2M? Pretty lousy con man.[/quote]

That’s probably all they’ve been able to identify so far. Just like “Kids for Cash” in Luzerne Cty, I’ll bet there’s more that hasn’t been discovered yet.


Santini are you from NEPA? Sad thing with the Kids for Cash is that it’s been SOP for politicians in this neck of the woods for a long long long time. Also what is sad is that I am sure that we aren’t the most corrupt area out there.

#11

Originally from Hazleton. Lived a couple blocks from the Conahan family. Knew many of them well.


#12

[quote=“Great Santini, post:8, topic:2687”]Have to agree with you, Kid. There are lots of people who go into business deals with only the best of intentions and then they get backed into a corner and have to resort to something illegal to get by - and it just snowballs from there.[/quote]Very true. When i was a kid (late 70’s) our church softball coach ran a new car dealership. He was one of the nicest guys I ever knew. The dealership was losing money and he kited some checks to keep it afloat. He ended up going to jail. Unfortunately, his banker (one of my best friend’s father and my asst scoutmaster) also lost his job and had to change his occupation because no financial institution would hire him.