‘It was all a scam’: Drew Brees responds to lawsuit against California jeweler
SAN DIEGO — Drew Brees has issued a statement in response to news reports that he is suing a San Diego jeweler for reportedly overcharging the quarterback for millions of dollars worth of jewelry.
Brees released the following statement to TMZ:
“From 2010 to 2016, Moradi advised [my wife and I] to allocate funds into an alternative asset class of investment grade diamonds and told us that he would use his connections and expertise to acquire them on our behalf at or below market value.
In an effort to diversify our investment portfolio, we trusted Moradi and invested. Moradi assured us he was being compensated by the sellers for any investment grade diamonds he acquired on our behalf.”
“In the end it was all a scam. After thinking long and hard, Brittany and I decided to take this lawsuit on in part because we fear we are not the only ones Moradi has misled and defrauded.”
According to TMZ, Brees has spent roughly $15 million at CJ Charles jewelry store in San Diego, buying rings, watches earrings and more.
But when he had the jewelry appraised recently, Brees claims in the lawsuit that the jewelry is worth $9 million less than he paid.
Brees said the jeweler, Vahid Moradi, assured the quarterback that the jewelry was a solid investment and would appreciate in value.
Moradi’s attorney has denied any wrongdoing by the jeweler, claiming instead that “Drew Brees aggressively purchased multi-million dollar pieces of jewelry.”
“Years later, claiming to suffer ‘cash flow problems,’ he tried to bully my client into undoing the transactions,” the attorney said.