Ex-studio head faces federal charges

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Posted: Apr 14, 2010 5:07 AM by Andrea Fontenot
Source: Associated Press

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Topics: movie, tax credits, New Orleans, film, studio, Saints

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.

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