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He was a leader in Penny Stocks while working with deals on Wall Street and initiated what turned out be a very controversial one-penny per share stock, Worldwide Family Restaurants. Having become a target of most federal law enforcement agencies in the United States, he was convicted in 1987 for a stock swindle involving the Lasor Arm Corporation. However, George has always maintained his innocence. In another case, involving the Federal Flushing Bank, George found himself forced to plead guilty. George, along with his partner Jilly Rizzo, an alleged Frank Sinatra bodyguard, was convicted. Among other things, George has been accused as being an associate of organized crime by a federal court, although George maintains it is the courts opposition to his association with people in power.
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