DREW BREES SUES OVER $8 MILLION RING
 

Drew Brees claims he was scammed out of MILLIONS by a jeweler who sold him an $8 MILLION diamond ring ... but the jeweler is saying Brees has no one to blame but himself.
The New Orleans Saints QB has filed a lawsuit against Vahid Moradi -- who runs the CJ Charles jewelry shop in San Diego, the city where Brees began his NFL career.
Brees claims he's been buying jewelry from Moradi for years -- and has dropped roughly $15 MILLION on some insane pieces ... including watches, earrings and rings.
Problem is ... Brees claims he recently had his jewelry independently appraised and was told his collection is worth $9 MILLION less than he paid.
In his suit filed Monday ... Brees says Moradi had insisted his jewelry was a solid investment that would definitely go up in value over the years -- and feels he was lied to the entire time.
Brees claims the biggest hit he took was on a 4.09 carat blue diamond ring he bought in 2015 for $8.18 million ... which recently appraised for only $3.75 million.
But Moradi's high-powered attorney, Eric M. George, says Brees shouldn't be pointing the finger at Moradi ... he can only blame himself.
"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."

read more here


Probably spot on, this comment...

Re: DREW BREES SUES OVER $8 MILLION RING
 

Nice to see efficient use of that whopper salary he enjoys every year.

Re: DREW BREES SUES OVER $8 MILLION RING
 

Drew will not be geting that GM job anytime soon :) Jewelry is not a good investment. Imagine if he dumped this into Bitcoin when it first came out. You're still rich, Drew. Most of us still live check to check so it's hard to feel sorry for you buddy.

Re: DREW BREES SUES OVER $8 MILLION RING
 

8 mil on a piece of jewelry- wow. Most people never come close to making that in a lifetime. 10 years at 100,000= 1 mil. even at that rate it will only take 80 years

Re: DREW BREES SUES OVER $8 MILLION RING
 

Hey, *****, will make a man do K-razy things...

But this is really surprising coming from Brees...

Not that he wouldn't want the best for his bride,

but he's the type that would make a value investment...

Bet he's p/o'd right now if he's litigating his grievance...

Kind of ironic that he's "9" million bones...

Re: DREW BREES SUES OVER $8 MILLION RING
 

Brees is a private guy for the most part- very surprised he'd want this made public, as no way he looks good either way

of course, he did sue Kevin Houser as well. Seems like Drew should ask Tom Condom for a recommendation for a good manager

Re: DREW BREES SUES OVER $8 MILLION RING
 

Kind of puts things in perspective, some of these Players live in a whole different world. A world most of us Commoners will never step foot in.

Re: DREW BREES SUES OVER $8 MILLION RING
 

Who you calling "commoner?" **** man, I'm ****in royalty. Lol.

Re: DREW BREES SUES OVER $8 MILLION RING
 

Congratulations Mr. Brees, you are officially a dumb azz!!!

Re: DREW BREES SUES OVER $8 MILLION RING
 

I've got a vintage motorcycle for sale. Just one million!

Re: DREW BREES SUES OVER $8 MILLION RING
 

Help the city win another and all will be forgiven and somewhat forgotten.

Dumbass!lol
If that deal was made on the gridiron there's no way he gets suckered..
I aint mad at em..burn it up man!
I do wish I had it like that though,but I dont and never will.

I was born at the wrong place at the right time lol



Do it again ya big dummy-$

Re: DREW BREES SUES OVER $8 MILLION RING
 

It's not that much money over his lifetime. A little high but not outrageous for someone worth close to 100 million.

Re: DREW BREES SUES OVER $8 MILLION RING
 

Drew's a nice guy with a boat load of money. On it's surface, that alone sounds like a recipe for the occasional bad investment.

Re: DREW BREES SUES OVER $8 MILLION RING
 

Well if Brees just took the guys word that it would go up in value then it’s on him. No investments aren’t guaranteed to make you money. Especially a commodity like gold. The gold market did go up for a while then started to go down. If it was an investment he should have cashed out when he saw the prices start to drop.

Re: DREW BREES SUES OVER $8 MILLION RING
 

Drew is trust worthy and felt like his jeweler was also honorable............wrong dumb ass!!!! Good guys get scammed all the time until they wisen up. My guess is Drew doesn't mind suing the bast*** that screwed him because he feels that his is a just cause.

He may be a private person but even those guys get mad when someone intentionally screws them over!:argue:

Re: DREW BREES SUES OVER $8 MILLION RING
 

I don’t think he’s a very good businessman. I thought his restaurants were a dumb investment because they are. I just figured he did it because he liked the food there and wanted to bring one to the Nola area as well as have a taste of home. Kind of a for fun type of thing. Now I’m starting to think otherwise.

Re: DREW BREES SUES OVER $8 MILLION RING
 

If I was even remotely able to afford a piece like that I would have an appraiser looking at it immediately as most people that can afford pissing off 8 mil do. If he got took, it's his fault.

Re: DREW BREES SUES OVER $8 MILLION RING
 

He’s not arguing that the jewelry wasn’t worth what he paid for it. He’s suing because it didn’t go up in value.

Re: DREW BREES SUES OVER $8 MILLION RING
 

Jewelers are appraisers. At least all good ones are. Anytime you buy a piece of fine jewelry made by a jeweler they almost always include an appraisal, which is also required for insurance purposes. It sounds to me like this jeweler misrepresented the value on his initial appraisal. That could be grounds for winning a lawsuit.

Re: DREW BREES SUES OVER $8 MILLION RING
 

More disturbing is the fact the man is only a couple years removed from being the highest paid player in the NFL and he’s already has “cash flow problems”

Dump the restaurants now Brees. Take the loss and move on. Otherwise you will be dumping money in them forever.

Re: DREW BREES SUES OVER $8 MILLION RING
 

No. He is very likely suing because the initial appraisal from the jeweler was wrong. Jewelry doesn't not go down in value if is quality.

Re: DREW BREES SUES OVER $8 MILLION RING
 

Also, take under consideration that this article is on TMZ.com which is well known for sensationalism.

Re: DREW BREES SUES OVER $8 MILLION RING
 

The problem is he didn’t invest in gold, he invested in jewelry which is a little bit of precious metal, a piece of carbon that is in excess in a munipulated market, put together with artistic flare. How can you value and artists work. Take any painting that wasn’t created by a dead master and there a good bet the value will drop. I really thought Brees was smarter than this.

Re: DREW BREES SUES OVER $8 MILLION RING
 

Why is this thread worthy....just asking! smh

Re: DREW BREES SUES OVER $8 MILLION RING
 

A receipt is not an appraisal. An appraisal is market value and is generally accurate enough for an insurance claim. A receipt is nothing more than proof of purchase and represents the buyers negotiating skills.. :)

Buyer beware.

Re: DREW BREES SUES OVER $8 MILLION RING
 

You mean he actually got a receipt with that purchase? :confused:

Re: DREW BREES SUES OVER $8 MILLION RING
 

I somehow don't believe that is how it works. The jeweler is just trying to sell something. He is going to tell you what he either thinks it's worth, or what he wants to believe he thinks it's worth, or what it might become worth. If someone wants an appraisal, they should go elsewhere. That's common sense.

Re: DREW BREES SUES OVER $8 MILLION RING
 

8 items listed in Drew Brees jeweler lawsuit
Investment piece Date Cost Appraisal Difference
Pink Diamond Ring Dec. 2012 $1.75M $1.28M $470K
Pear-shaped diamond ring Feb. 2014 $285K $85K $200K
Pink diamond pear-shaped earrings March 2015 $975K $176,398 $798,602
Blue diamond ring March 2015 $8.18M $3.75M $4.43M
Harry Winston ring June 2015 $1.575M $600K $975K
Multi-stone ring Oct. 2016 $650K $100K $550K
Multi-stone bracelet Oct. 2016 $850K $352K $498K
Bullet-shaped diamond necklace Dec. 2016 $270K $140K $130K
Source: San Diego court filing

8 jewelry pieces at the center of Drew Brees' fraud lawsuit | NOLA.com

http://www.nola.com/saints/index.ssf...y_lawsuit.html

Re: DREW BREES SUES OVER $8 MILLION RING
 

I gave Drew a lot more credit than this to be honest.

Re: DREW BREES SUES OVER $8 MILLION RING
 

Just.....just.....wow. LOL.

Re: DREW BREES SUES OVER $8 MILLION RING
 

Glad he's better at protecting the ball than he is his money. Jewelry is like an auto. Once you take it off the lot................

Re: DREW BREES SUES OVER $8 MILLION RING
 

the part I know that the jeweler says Brees was asking for money back because he is low on cash flow to get money back is this ahole attorney jabbing at Brees about being stumped on cash don’t believe it for a second Brees is strapped for cash, its something he would argue in front of a jury trying to make Brees look desperate . Why can’t Brees freak out about the appraisal as if it were u or I in that spot.

Re: DREW BREES SUES OVER $8 MILLION RING
 

Thank u there’s an appraisal and then there’s a scam?

Re: DREW BREES SUES OVER $8 MILLION RING
 

Thank u

Re: DREW BREES SUES OVER $8 MILLION RING
 

Drew Brees seeks $9 million in damages from San Diego jeweler: lawsuit | NOLA.com

http://www.espn.com/nfl/story/_/id/2...-spent-jewelry

Re: DREW BREES SUES OVER $8 MILLION RING
 

Drew Brees on dealings with jeweler he's suing: 'In the end it was all a scam'

A day after news broke that Drew Brees and his wife, Brittany, are suing a California jeweler, the New Orleans Saints quarterback has released a statement to TMZ.com detailing how the couple's business relationship with the jeweler allegedly turned out to be "all a scam."

Brees and his wife leveled allegations in a 29-page lawsuit filed Monday in San Diego against Vahid Moradi, who runs CJ Charles Jewelers in San Diego and once supposedly told Brees that he was like a member of his family.

Brees is accusing a California jeweler he met early in his NFL career of conning him out of $9 million over the years by badly overcharging the star New Orleans Saints quarterback for diamonds.

"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," the statement says.

"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."

On Tuesday, Moradi's attorney, Eric George, denied any wrongdoing by his client, saying Brees "aggressively purchased" diamonds — including an $8 million ring — whose worth just didn't increase in value as quickly as he wanted.

"Mr. Brees ... should restrict his game-playing to the football field and refrain from bullying honest, hard-working businessmen like my client," George said.

Trouble began in early 2017, when — during a routine review — the Breeses' financial adviser recommended that the couple have an independent appraiser evaluate their investment diamonds.

That expert said the couple had paid $9 million more than the diamonds were actually worth, according to the lawsuit. The expert said the $8.2 million ring was worth about $3.6 million.

The lawsuit claims the 11-time Pro Bowler confronted Moradi about the discrepancy, and the jeweler admitted to charging "a substantial markup" but also argued that the market at the moment was as "weak as it has ever been."

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By all indications here it is as I thought. This Moradi dude misrepresented the value of the jewelry. The fact that an "independent" appraiser was called in implies that Moradi had indeed supplied the original appraisal (a very common practice as I mentioned earlier) and had signified an inflated figure to cover his bilking.

This should destroy Moradi's reputation and rightly so. This is the very reason why most original appraisals are trusted because if they were not accurate the jeweler would would suffer loss of business.

And also note that nothing is mentioned about any lack of cash flow. He just received a check worth $10.5 million as his signing bonus from the Saints.

Re: DREW BREES SUES OVER $8 MILLION RING
 

Wow I never thought of Brees being that much into jewlery.

Re: DREW BREES SUES OVER $8 MILLION RING
 

I got a bridge in Brooklyn that's up for sale.

Re: DREW BREES SUES OVER $8 MILLION RING
 

Its just poor judgement do not get a second opinion in matters or life and death, and for large purchases.. Christ, I dont think I have ever bought a second hand vehicle without getting an independent assessment from a mechanic.

I trust all living things except humans... :shock:

Re: DREW BREES SUES OVER $8 MILLION RING
 

Off-Season... were stretching a bit for material.