Sophomore guard Anton Beard, senior forward Jacorey Williams and Colorado transfer forward Dustin Thomas were each charged with a count of forgery after they were witnessed spending counterfeit $20 bills.
Arkansas later announced the three players were suspended indefinitely from the team.
“We have become aware of a pending legal issue involving three men’s basketball student-athletes,” the program’s statement read. “The student-athletes have been suspended indefinitely from the men’s basketball program. Our continued expectation is that our student-athletes conduct themselves in an appropriate manner at all times.”
Beard, 19, appeared in 35 games for the Razorbacks last season, averaging 5.7 points, 1.9 rebounds and 1.5 assists over 18.9 minutes. Williams, 21, averaged 4.8 points and 2.8 rebounds over 16.2 minutes.
Thomas announced in March that he would leave Colorado and revealed his transfer to Arkansas in May. He appeared in 32 games for the Buffaloes last season, averaging 4.4 points and 2.5 rebounds over 16.7 minutes.