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FAYETTEVILLE, Ark. — Police have arrested three University of Arkansas basketball players, alleging they used counterfeit money to buy merchandise at three locations near campus.

The school announced suspensions Wednesday for starting point guard Anton Beard, forward Jacorey Williams and junior transfer student Dustin Thomas after the arrests. The athletic department said student-athletes had to act in an appropriate manner at all times.

Fayetteville police say all three were seen on surveillance video using counterfeit $20 bills last Friday and Saturday. A complaint said Beard also exchanged six counterfeit $50 bills or three $100 bills.

The three were arrested on suspicion of forgery and face a Friday court hearing. They were being held Wednesday afternoon without bail.

Police say the three denied knowing that the bills they used were fake.