Read facing two federal charges

Updated: March 22, 2010, 6:12 PM ET
Associated Press

NEW ORLEANS -- The head of a company accused of getting investors -- including members of the New Orleans Saints -- to pay for what they thought would be state movie industry tax credits faces federal charges.

The U.S. Attorney's Office says Wayne Read of Wonder Lake, Ill., was charged Monday with one count of interstate transportation of stolen funds and one count of wire fraud in connection to investments in Louisiana Film Studios LLC.

Fifteen current and former team members, including head coach Sean Payton and tight end Jeremy Shockey, say they paid the money to Louisiana Film Studios late in 2008 for what they thought would be state movie industry tax credits returning $1.33 for each dollar invested.

State officials say the studio never applied for the credits and the money has not been returned.


Copyright 2010 by The Associated Press

ALSO SEE