The fallout from two fatal crashes of Boeing 737 Max planes has ensnared the manufacturer's most-loyal customer: Southwest Airlines. The carrier has canceled thousands of...Airlinesread more
The Fed is expected to cut rates Wednesday, but it is unlikely to tell markets what they want to hear on future rate cuts.Market Insiderread more
Stocks rose slightly on Tuesday, but gains were capped as the Federal Reserve kicked off a two-day monetary policy meeting.US Marketsread more
Brent crude oil jumped the most in history in the previous session after attacks on Saudi's oil industry disrupted the kingdom's production.Marketsread more
Investors might be wary that gasoline prices will continue to rise, and are looking to take back profits by selling off shares.Retailread more
The Trump administration move on California's auto emissions standards would likely set up a fight between the White House and the state.Politicsread more
"I feel really confident that defense-minded CEOs, when they are on defense, they're going to come to" flexible offices and away from traditional leases, Knotel CEO Amol Sarva...Commercial Real Estateread more
Fanatics has hired Michener Chandlee, Nike's corporate audit and chief risk officer, to become its chief financial officer, succeeding Lauren Cooks Levitan, CNBC has learned.Retailread more
Facebook has partnered with Ray-Ban maker Luxottica to develop augmented-reality glasses, people familiar with the matter told CNBC. The glasses, code-named 'Orion,' are being...Technologyread more
As Netflix's rivals prep for their own streaming service launches, and snatch up content belonging to their own networks, Netflix could soon face a dry well when it comes to...Entertainmentread more
Adobe's quarterly guidance was light, but the stock still went up after its fiscal third quarter results beat expectations.Technologyread more
Tate George, a University of Connecticut guard, caught a pass, turned and sunk a shot that gave his Huskies the victory in a 1990 regional semifinal basketball game against Clemson. That shot catapulted Tate into the NBA, where he played for the New Jersey Nets and the Milwaukee Bucks.
But now he's on trial, accused of running a multimillion-dollar Ponzi scheme from 2005 to 2011 that targeted friends and pro athletes. Former NBA player Brevin Knight and fellow U Conn alum Charlie Villanueva invested $300,000 and $250,000, respectively, with Tate's company, The George Group.
Another alleged victim, Naima Fauntleroy, invested $46,000, hoping to pay down her education debt from Bowdoin College while attending Seton Hall Law School.
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 Knight and Villanueva, according to Paul Fishman, the U.S. Attorney for the Southern District of New Jersey.
(Read more: Busted! Inside one massive cybercrime ring)
According to the U.S. Attorney's office, Villanueva, who has a $30 million contract with the Detroit Pistons, was told he would get his initial $250,000 back, plus $37,500 and 2 percent of the gross on a real estate deal that was promised to yield millions more.
But the Connecticut land is still undeveloped, and Villanueva hasn't seen one nickel.
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.
"Hi, I'm Tate George, the former NBA player turned real estate developer," he said in one clip.
We caught up with him outside the Trenton, N.J., courthouse, but he would not comment.
(Read more: Behind this pump-and-dump scheme was...a chimp?)
George has pleaded not guilty to all charges, which one of his lawyers, Thomas Ashley, claimed are clearly defensible. If convicted, George could go to jail for two decades and pay a $250,000 fine.
We'll continue to update you on this case on CNBC's "Power Lunch."