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Prosecutor: Plea in Saints fake tax credits case

Saints-Tax Credits

NEW ORLEANS (AP) - A federal prosecutor says the head of a company accused of getting investors - including members of the New Orleans Saints - to pay for what they thought would be state movie industry tax credits will plead guilty in the case.

Wayne Read operated Louisiana Film Studios LLC. Last week he pleaded not guilty to charges of interstate transportation of stolen funds and wire fraud.

However, Assistant U.S. Attorney James Mann said in court that Read has reached a revised plea deal with prosecutors but didn't give details. Read's attorney wouldn't comment.

Authorities say Read peddled $1.9 million in tax credits to investors expecting a $1.33 return for each dollar invested. But the tax credits were never applied for and the money not returned.

Read is free on bond.

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