Charlie Villanueva lost $250,000 in a Ponzi scheme masterminded by a fellow UConn alum, Villanueva testified in a federal court case recently.
According to the Detroit News by way of the Trentonian, Villanueva invested a quarter-million dollars in a development investment deal run by former University of Connecticut basketball player Tate George.
George is on trial for wire fraud as part of his involvement in the Ponzi scheme, according to the Detroit News report.
Charlie V. has been a popular whipping boy in the Pistons fan community, but I think we can all agree that what happened to him was a horrible and unfortunate violation.
And Villanueva isn't the first and won't be the last young athlete that gets taken advantage of by a business associate or friend. When you're a millionaire in your 20s it's next to impossible to make great decisions, especially when everyone in your life comes to you with ways to turn those millions into several more millions.
Don't get me wrong, it's a great problem to have, but I still feel for CV.
As much as his game (or lack thereof) drives me absolutely crazy, he's always seemed like a good guy, and he does great things in the community.
H/T to Biz Z in Orlando, who had it first in FanShots.