Drew Brees settles lawsuit alleging investment fraud
Published: September 28,2014
Tags: bench, court, David Patten, Helen G. Berrigan, investment, justice, Kevin Houser, law, lawsuit, legal court, Louisiana Film Studios LLC, New Orleans Saints, NFL, quarterback, settlement, Thomas A. Roberts, Wayne Reed
NEW ORLEANS — New Orleans Saints quarterback Drew Brees has settled a lawsuit with a former teammate who allegedly advising him to invest $160,000 in tax credits that turned out to be bogus, court records show.
The suit filed on Brees’ behalf in federal court in 2013 alleged 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.
A co-plaintiff on Brees’ complaint was ex-Saints receiver David Patten. Patten also agreed to the settlement, the records showed.
The parties reached a settlement Monday, according to the court records, and U.S. District Court Judge Helen G. Berrigan issued a dismissal order Thursday. Details of the settlement were not disclosed.
Houser’s attorney, Thomas A. Roberts in New Orleans, said Saturday the lawsuit was settled to “the parties’ mutual satisfaction.”
Roberts said Houser “is glad to have this behind him.”
Brees’ attorney and the Saints could not be reached for comment.
Saints coach Sean Payton, former New Orleans Saints tight end Jeremy Shockey and former Saints defensive coordinator Gary Gibbs reached separate settlements with Houser over the same investment deal. Terms were confidential.
Wayne Read, who once ran Louisiana Film Studios LLC, is the only person to face criminal charges over the investment deal.
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.
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- DAVID DALLAS — Cannabis for the rest of us
- MARTY WISEMAN: The current racial strife and the failure to educate
- Source: Bryant has offered Glenn McCullough MDA job
- Planters Bank promotes at 3 locations
- BILL CRAWFORD: Boyce takes hot spot as IHL commissioner
- COMMERCIAL FINANCE 701: Loans disguised as government bonds (BOANs)
- (WITH VIDEO) Funding secured for Capitol Art Lofts in downtown Jackson
- Real Estate Forum panelists: Lenders, investors hungry for deals on residential rentals in Miss., elsewhere
- Two new casinos like the odds on Mississippi Gulf Coast