Drew Brees is speaking out on the lawsuit that he has filed against jeweler Vahid Moradi of CJ Charles Jewelers.
Brees claimed that over the years he grossly overpaid for a number of what he believed to be high-quality diamonds.
The quarterback issued the following statement via 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.”
Sounds like Brees failed to execute due diligence.
In response, Moradi claims that Brees is to blame and says that the quarterback is only frustrated that he’s experiencing cash flow problems. Moradi’s attorney says that Brees was not wronged and that it’s just a matter of economics.
Brees claimed that back in 2015, the San Diego jeweler sold him a blue diamond for $8.1 million when it was really only worth $3.75 million. Over time, Brees claims that he and his wife entrusted Moradi with over $15 million in diamonds.