Illinois Man Charged with Defrauding Members of Saints Organization

March 23, 2010 - WAYNE READ, age 46 of Wonder Lake, Illinois, was charged in a Bill of Information today with one count of Interstate Transportation of Stolen Funds and one count of Wire Fraud in connection with the fraudulent sale of Louisiana Film Tax Credits which he sold to current and former members, coaches and staff of the New Orleans Saints Football Organization, announced U. S. Attorney Jim Letten.

According to the Bill, beginning in approximately January, 2008 and continuing until approximately June, 2009, READ sold approximately $1.9 million false and fictitious 2008 Louisiana Film Tax Credits to members of the New Orleans Saints organization. The Bill further alleges that at no time did READ provide or issue any tax credits to any of the victims. It is also alleged that READ used these funds to pay off personal debts, including the prevention of a Sheriff’s sale of his personal residence and as satisfaction of a legal judgment.

If convicted, READ faces a possible maximum sentence of twenty (20) years imprisonment, a fine of $250,000.00 and up to three (3) years of supervised release as to the charge of Wire Fraud; and ten (10) years imprisonment, a fine of up to $250,000 and up to three (3) years of supervised release as to the Interstate Transportation of Stolen Funds. The defendant may also be required to forfeit up to $1.9 million.

U. S. Attorney Letten reiterated that a bill of information is merely a charge and that the guilt of the defendant must be proven beyond a reasonable doubt.

This case was investigated by members of the Jefferson Parish District Attorney’s Office and the Federal Bureau of Investigation. The prosecution is being handled by Assistant United States Attorneys James R. Mann, Salvador Perricone and Brian Klebba.