Head of now-defunct La. movie studio pleads guilty in tax credit case involving Saints

Movie studio head guilty in case involving Saints

NEW ORLEANS — The head of a now-defunct movie studio has pleaded guilty to federal charges involving the sale of nonexistent tax credits to investors that included members of the New Orleans Saints.

Wayne Read, who once ran Louisiana Film Studios LLC as its chief executive, pleaded guilty Thursday to charges of interstate transportation of stolen funds and wire fraud.

Authorities say Read peddled $1.9 million in nonexistent state film industry tax credits to investors, including current and former members of the Super Bowl champions. Prosecutors say investors included head coach Sean Payton, quarterback Drew Brees and Saints legend Archie Manning.

U.S. District Judge Martin L.C. Feldman set Aug. 11 for sentencing.