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Sep 29, 2010 1:50 PM

Sentencing Delayed for Head of Defunct Movie Studio for Selling Nonexisting Tax Credits to Members of the Saints

NEW ORLEANS (AP) - Sentencing is being delayed until Jan. 19 for
the head of a defunct movie studio who pleaded guilty to selling
$1.9 million in nonexistent tax credits to members of the New
Orleans Saints.
On May 13, Wayne Read pleaded guilty to interstate
transportation of stolen funds and wire fraud. He once ran
Louisiana Film Studios LLC in suburban New Orleans.
Authorities say Read peddled state film industry tax credits to
investors, including Saints head coach Sean Payton and quarterback
Drew Brees. But state officials said the credits were never applied
for.
According to a federal court filing, authorities say more time
is needed to investigate Read's background before sentencing.
Read faces up to 30 years in prison. He had been scheduled for
sentencing on Oct. 20.

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