Saints and the Movie Scam

Court records show about $635,000 has been recovered in a bankruptcy case involving a Louisiana movie studio and a tax credit scam.    The chief executive of defunct Louisiana Film Studios LLC collected $1.9 million from past and present members of the New Orleans Saints football team for state movie industry tax credits. But studio head Wayne Read never applied for the credits -- and never returned the money.  Read is awaiting sentencing after he pleaded guilty to federal charges of interstate transportation of stolen funds and wire fraud. But a bankruptcy attorney says it's unclear how much investors may eventually get back since under bankruptcy law they are last in line for reimbursement.