Saints seem destined for loss in tax credit scam

Print
Email
|

Associated Press

Posted on January 14, 2012 at 2:51 PM

Updated Saturday, Jan 14 at 4:07 PM

NEW ORLEANS (AP) — Unlike this season's winning on the football field, current and former members of the New Orleans Saints who bought nonexistent tax credits from a defunct movie studio are likely to come out big losers — perhaps getting back only 15 percent of their investment.

The Saints — including coach Sean Payton, quarterback Drew Brees and former Ole Miss and Saints quarterback Archie Manning — were among investors who paid a total of about $1.8 million to Wayne Read, then-head of Louisiana Film Studios LLC, a suburban New Orleans operation that collapsed in 2009.

The studio is in federal bankruptcy liquidation.

Read pleaded guilty last year to interstate transportation of stolen property and wire fraud and is scheduled to start serving a four-year federal prison sentence on Feb. 19.

Print
Email
|