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- Chicago-Based Investment Adviser Sentenced to 151 Months in Prison - SEC
- Dun & Bradstreet Hit With FCPA Violations - SEC
- SEC Charges Additional Defendant in Fraudulent ICO Scheme
- Warren Buffett Simply Blew it on Wells Fargo Stock: Dick Bove (Video)
- Barclays and Deutsche Bank to Lag U.S. Trading Peers
- NY AG Schneiderman Seeks to Close Loophole That Could Let Trump Pardons Block State Charges
- 'Fearless Girl' is Moving to NYSE After Year Staring Down 'Charging Bull'
- What's In Your Wallet - American Express Shares Soar After Earnings Release
- Deutsche Bank's Executive Departures Continue Following Change in CEO
- Reflections of an Economist Commissioner (SEC's Piwowar)
- Billionaire HF Manager and The Fed Chair Runner-Up are Investing in New Cryptocurrency
- Court Finds 2 Brokers Liable for Fraud Involving Mortgage-Backed Securities
- One FINRA: An Organization’s Commitment to Diversity and Inclusion
- 2018 GASB Accounting Support Fee to Fund the Governmental Accounting Standards Board
- Barclays Eyes Move Into Cryptocurrency Trading
- Goldman Breaks From Wall Street Pack with Bond-Trading Boom
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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?