UNSUPPORTED BROWSER
NFL

Drew Brees sues ex-teammate over bogus tax credits investment

Photo: Heinz Kluetmeier/SI

Drew Brees is one on a list of Saints who have sued Kevin Houser in an apparent fraudulent investment scheme.

NEW ORLEANS (AP) -- New Orleans Saints quarterback Drew Brees sued a former teammate Monday for allegedly advising him to invest $160,000 in tax credits that turned out to be bogus.

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.

Several other teammates and coaches sued Houser for allegedly advising them to invest a total of roughly $2 million to buy nonexistent tax credits from a defunct movie studio. Brees' lawyer, Daniel Becnel Jr., said his client had held off on joining them in suing to see if their dispute could be resolved out of court.

"We gave them an opportunity to settle," Becnel said. "We didn't want to file suit. We've been trying to negotiate with them."

Meanwhile, former New Orleans Saints tight end Jeremy Shockey and former Saints defensive coordinator Gary Gibbs reached separate settlements Monday with Houser over the same investment deal. Terms were confidential.

"The parties are happy to have this behind them," said Fred Herman, a lawyer for Shockey and Gibbs.

Houser's attorney didn't immediately return a call seeking comment.

Saints head coach Sean Payton reached a separate settlement with Houser last month. Former Saints defensive end Charles Grant still has claims pending against Houser that are scheduled to be tried later this month.

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.

More than two dozen team members were among Read's victims. Grant paid $425,000. Payton paid $144,000. Former Saints star quarterback Archie Manning and Shockey each paid $80,000.

Copyright 2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

More NFL

Close

To continue enjoying content from the most trusted name is sports, please be sure to update your current bookmark.

Our updated web address is http://www.si.com.

To continue enjoying content from the most trusted name is sports, please be sure to update your current bookmark.

Just follow these 4 easy steps:

  1. Click the Chrome menu on the browser toolbar.
  2. Select Bookmarks.
  3. Select Bookmark manager.
  4. Locate your current Sports Illustrated bookmark, click the Organize menu, then select Edit. You can now easily update the web address of your Sports Illustrated bookmark.

    Our updated web address is http://www.si.com.

To continue enjoying content from the most trusted name is sports, please be sure to update your current bookmark.

Just follow these 2 easy steps:

  1. Click the Safari bookmark manager on the browser toolbar.
  2. This will open the Bookmarks Bar. In the Bookmarks Bar, select your Sports Illustrated bookmark and manually edit the Address field.

    Our updated web address is http://www.si.com.

To continue enjoying content from the most trusted name is sports, please be sure to update your current bookmark.

Just follow these 3 easy steps:

  1. Click the Firefox bookmark manager on the browser toolbar.
  2. Select Show All Bookmarks.
  3. This will open the library window. In the Library window, select your Sports Illustrated bookmark and manually edit the Location field.

    Our updated web address is http://www.si.com.
Don't Show This Again