Anton Beard, Jacorey Williams and Dustin Thomas suspended indefinitely

Arkansas men's basketball players Anton Beard, Jacorey Williams and Dustin Thomas were suspended indefinitely on Wednesday after all three were arrested on first-degree forgery charges in Fayetteville, Arkansas, per a statement from the school's athletic department.

In Arkansas, first-degree forgery is a Class B felony.

"We have become aware of a pending legal issue involving three men's basketball student-athletes," the 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, Williams and Thomas were all arrested and booked into the Washington County jail on Wednesday afternoon following a string of alleged transactions with counterfeit cash on Friday and Saturday. Arkansas coach Mike Anderson did not return text messages or phone calls from ESPN.com seeking comment.

According to the preliminary reports on the incident, the three players were "very identifiable from their tattoos, build, and general appearance" on videos that showed counterfeit $20 bills being used to purchase miscellaneous items, including "tobacco products," at various locations in Fayetteville.

Beard, who is facing nine counts of first-degree forgery, allegedly received three real $100 bills from a store clerk at a place called the Tobacco Center on Saturday in exchange for six counterfeit $50 bills during one of the incidents that preceded his arrest.

Per the reports, the trio admitted they were the three men on the videos that the police obtained from businesses that had allegedly been swindled, but they denied they were aware they were using counterfeit cash.

"They all admitted to being in the surveillance and making the aforementioned transactions," the preliminary reports said. "However, they all denied having knowledge of it being counterfeit money. All three were informed they were under arrest, and Miranda Warnings were read to them."

Beard is expected to play a bigger role in 2015-16 after averaging 5.7 points per game for the Razorbacks last season. Williams is a key piece for a team that needs interior depth after losing Bobby Portis, the SEC player of the year, to the NBA. Thomas transferred from Colorado during the offseason and will not be eligible to play until the 2016-17 season.