Arkansas basketball players Anton Beard, Jacorey Williams and Dustin Thomas were suspended indefinitely from the Razorbacks program on Wednesday after being arrested in connection with a counterfeit money investigation.

"We have become aware of a pending legal issue involving three men’s basketball student-athletes," read a statement released by the school. "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."

According to a police report, all three players were identified on surveillance cameras using fake money. Beard and Thomas allegedly bought tobacco products with counterfeit $20 bills while Williams bought other items. Beard also requested that a clerk change fake $50 bills into $100 bills, according to the police report.

Beard is facing nine counts of first-degree forgery.

Thomas is facing two counts.

Williams is facing one count.

Beard averaged 5.7 points in 18.9 minutes per game last season while Williams averaged 4.8 points in 16.8 minutes per game. Thomas is a transfer from Colorado.