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- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
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- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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NEWSLETTERS & ALERTS
Saints Quarterback Drew Brees Scammed Out of $9Mn
New Orleans Saints quarterback Drew Brees and his wife Brittany are suing San Diego-based jeweler Vahid Moradi for over $9 million, claiming that the $15 million worth of investment-grade jewelry that they purchased over a 6-year period has a current appraisal value of just $6 million. Brees took the biggest hit on one diamond that cost $8.1 million, but was appraised at a value of $3.75 million.
Defendant Moradi, through his attorney, denies any wrongdoing, while a member of his legal team notes that the jewelry Moradi sold Brees was checked out by an independent party and certified as investment grade prior to the sale. [Yes, but at what valuation?]
That said, investing in jewelry can be quite tricky for uninitiated outsiders. “You should never buy jewelry as a short-term investment if you are not in the business," jewelry shop owner Simon Teakle told the Huffington Post. Teakle added that, if you're not an expert and your investment relies on the advice of someone you might not necessarily be able to trust, there are safer ways to grow your money.
Fortunately the losses will not endanger the Brees family lifestyle. Over the course of his NFL career, Drew Brees has earned over $194 million in salary and, with his recent 2-year contract extension, he’s set to earn another $50 million.
FINANCIALISH TAKE AWAY. While it’s not clear how well Drew Brees knew Moradi, it’s apparent that the quarterback fumbled his options by failing to get a second independent opinion or valuation before completing the purchase. And what’s the purpose of having a team of legal and financial professionals – which Breese no doubt has – if you don’t call on them when you really need them?