Drew Brees Sues Former Teammate Over Nonexistent Tax Credits
Drew Brees, who just recently sued a former teammate, found out the hard way that you have to be careful trusting others with your money.
The New Orleans Saints superstar has taken legal action against Kevin Houser, as the former long snapper and teammate of Brees allegedly advised the quarterback to invest $160,000 in false tax credits, according to Michael Kunzelman of the Associated Press:
The suit filed on Brees' behalf in federal court claims former Saints long snapper Kevin Houser, a licensed securities broker, mishandled the star quarterback's money and failed to disclose his own financial interests in the investments he was promoting.
It seems Brees was reluctant to take his former colleague to court, because he was one of the last to add his name to a joint lawsuit that includes teammates and coaches who reportedly invested about "$2 million to buy nonexistent tax credits from a defunct movie studio."
Brees, according to his lawyer Daniel Becnel Jr., wanted to settle this away from the courtroom, but decided in the end to sue the 35-year-old who was an active member of the Saints from 2000-07.
Becnel states, "We gave them an opportunity to settle. We didn't want to file suit. We've been trying to negotiate with them."
There were those who were able to settle their dispute out of court: Former Saints tight end Jeremy Shockey, former defensive coordinator Gary Gibbs and head coach Sean Payton all reached settlements.
While Houser is forced to answer for his investment advice and alleged false tax credits, Wayne Read, the man behind Louisiana Film Studios LLC, has already been sentenced to prison time, according to AP:
Read was sentenced to four years in prison after he pleaded guilty in May 2010 to fraud charges. Read never invested the money necessary to obtain the tax credits he sold to his investors, who wanted to use them to reduce their state income-tax liability, according to federal prosecutors.
The report has some startling facts behind the lawsuits. It seems there were more than two dozen team members who were taken in by Read and his claims.
Charles Grant, a former Saints defensive end who still has a claim against Houser pending, paid $425,000 to Read.
The former stars who were involved and the amount of money invested is stunning. The report continues: "Payton paid $144,000. Former Saints star quarterback Archie Manning and Shockey each paid $80,000."
Teammates who were no doubt friends decided to place their faith and funds in what they thought was a trustworthy source. As so many athletes have found out before, you can never be too careful with whom you decide to entrust with your money.
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