Drew Brees Sues Former Saints Teammate
Saints quarterback Drew Brees sued former teammate Kevin Houser Monday for allegedly advising him to invest $160,000 in bogus tax credits.
The suit was filed in federal court, claiming the former Saints long snapper mishandled Brees' money and failed to disclose his own financial interests in the investments. Houser is a licensed securities broker.
Several Saints coaches and players, past and present, sued Houser for allegedly advising them to invest approximately $2 million dollars in nonexistent tax credits from a defunct movie studio. Brees' lawyer says his client had held off on joining the suit waiting to see if the dispute could be settled out of court.
Former New Orleans Saints tight end Jeremy Shockey and former Saints defensive coordinator Gary Gibbs reached settlements with Houser on Monday.
Head coach Sean Payton reached a settlement with Houser last month. Former Saints defensive end Charles Grant still has claims pending that will be tried later this month.
The only person to face criminal charges over the investment deal is Wayne Read, who ran Louisiana Film Studios LLC. Read was sentenced to four years in prison after pleading guilty to fraud charges in May 2010. He never invested the money necessary to obtain the tax credits he fraudulently sold to his investors.
Read's victims include more than two dozen past & present team members. Former defensive end Charles Grant paid $425,000, Sean Payton $144,000, Archie Manning and Jeremy Shockey each invested $80,000.