Whoops! Drew Brees Is Suing His Jeweler After Finding Out He Got Scammed Into Buying Twenty Million Dollars Worth Of 'Investment Diamonds'
Source - New Orleans Saints quarterback Drew Brees and his wife, Brittany, are suing a La Jolla jeweler for allegedly lying to them about the value of diamonds he sold to them, defrauding them out of millions of dollars, according to a lawsuit filed this week.
According to the complaint in San Diego Superior Court, jeweler Vahid Moradi and his companies CJ Charles Jewelers and Vahid Moradi Inc. recommended and sold to the couple about $15 million in investment-grade diamonds — which, the couple learned last year, were only worth about $6 million.
The discrepancy came to light last year after the couple hired an independent appraiser to determine the stones’ market value ahead of the couple’s annual review of their finances. Drew Brees, who played for the San Diego Charges from 2001 to 2005, then confronted Moradi about the discrepancy.
Moradi allegedly confessed that he had charged the couple a substantial markup for the diamonds, the lawsuit said. But Moradi “insisted, unabashedly, that he had done nothing wrong because he charged the couple the price at which Moradi expected the jewelry could be resold in 10 to 15 years.”
The Brees’ lawsuit seeks at least $9 million in damages, punitive damages according to proof at court, restitution or disgorgement of any money Moradi unjustly obtained from defendants, and other relief the court deems just, the lawsuit said.
Drew…what the fuck are you doing? You’re worth $130 million and you’re safeguarding your wealth by investing in DIAMONDS? What are you, Scrooge McDuck? Don’t invest in anything, just let it sit in the bank and appreciate like a normal person.
Ever since ESPN’s 30 for 30: Broke came out I’ve been fascinated with how professional athletes blow their money. You’d think they’d smarten up since the 30 for 30 came out but they haven’t. Every year we hear some ridiculous story of an athlete being conned out of millions of dollars on a bad investment. As much as I want to feel bad, I can’t. It’s pretty simple, surround yourself with smart people and don’t buy a house worth of precious stones from a guy you met in a San Diego shopping mall.
My favorite part of this story is how unapologetic his lawyer is.
“Mr. Brees’ behavior and his belief that he was wronged because the jewelry did not appreciate in value as quickly as he hoped both demonstrate a lack of integrity and contradict basic principles of both economics and the law,” the statement said. “He should restrict his game-playing to the football field, and refrain from bullying honest, hard-working businessmen like my client.”
As great as his one-liners are I doubt they’ll hold up in court. If you read the whole article it’s pretty obvious that Brees is going to win the case. He was essentially selling them diamonds at what he thought they were going to sell for in fifteen years. You can’t do that, even if the person you’re selling them to is dumb enough to buy them. Here’s one of the examples used in the case:
“The couple purchased in early 2015 a pair of natural pink diamonds solely on Moradi’s recommendation, the lawsuit said. The couple bought the diamonds for $975,000, which Moradi told them was an “unbelievable” price, compared to the $1.3-million being asked for them in mid-2014. When the couple had the stones assessed this year, the were valued at $176,398.”
Yikes. Lucky for Drew, $9 million is a drop in the bucket. Regardless, it’s not a good look. If any Stoolies out there are thinking of getting into ‘investment diamonds’ think twice. You wouldn’t want to end up like Drew.