Illinois Man Pleads Guilty to Defrauding Members of Saints Organization

WAYNE READ, age 45 of Wonder Lake, Illinois, pled guilty in federal court today to a two count bill of information filed on March 22, 2010. Standing before United States District Judge Martin L.C. Feldman, READ entered a plea of guilty to interstate transportation of stolen funds and 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.

READ sold approximately $1.9 million false and fictitious 2008 Louisiana Film Tax Credits to members of the New Orleans Saints organization. At no time did READ provide or issue any tax credits to any of the victims. 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.

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. Sentencing is set for August 11, 2010, at 1:30 p.m.

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