Prosecutors say C. Tate George used The George Group to run the investment fraud scam. The indictment on four counts of wire fraud was announced Friday.

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's office says George instead used some of the money to pay existing investors and personal expenses.

The 43-year-old George played for the New Jersey Nets and the Milwaukee Bucks. The former University of Connecticut player is perhaps best known for hitting a buzzer beater in the 1990 NCAA Tournament.

His attorney didn't immediately return a call for comment.