WBRZ - Baton Rouge

The head of a defunct New Orleans-area movie studio will be in federal court later today for charges stemming from the sale of non-existent state film tax credits.

Wayne Read faces charges of interstate transportation of stolen funds and wire fraud from his operation of Louisiana Film Studios LLC.

Authorities say Read peddled $1.9 million in tax credits to investors, including present and former members of the New Orleans Saints.

But the tax credits were never applied for - and the money was not returned.

Prosecutors contend Read used part of the money to pay off another debt in Illinois.

The studio has been put into liquidation by a federal bankruptcy judge.