Brees who is currently 39 years old was one of the most decorated quarterbacks to emerge from Purdue University and from the Big Ten Conference. During his time in college he even managed to establish two NCAA records. In 2002 he was drafted to the San Diego Chargers where he embarked on his professional career.
The Defendant in the jewelry case is a man named Vahid Moradi who is located in Southern California’s at CJ Charles jewelry shop. Over the years as Mr. Brees earned big paychecks from the NFL and from sponsors he purchased numerous pieces of jewelry with high price tags. Recently, however, Mr. Brees sought an independent appraisal of his jewelry collection and learned that many of his pieces were not nearly worth what he had originally paid for them. His collection mostly includes earrings, watches and various rings.
A lawyer for Mr. Moradi told reporters that his client was not at fault, but Mr. Brees should be responsible. Lawyer Eric George had this to offer regarding the allegations against his client, “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.”
Brees is believed to have spent over $15 million over the years and claims that he was led to believe that the jewelry’s value would rise over the coming years. Specifically mentioned was a valuable blue diamond ring that he had purchased for over $8 million. What was the appraisal value today? – just $3.75 million. The amount in dispute, namely the $9 million that Mr. Brees is seeking, is based on the total difference in the price between what he paid and what the jewelry really seems to be worth at the present time.
The suit alleges fraud, breach of contract, as well as claims that the defendant’s conduct violated portions of the California business regulations. It also claims that Moradi refused to return almost a quarter of a million dollars which the plaintiff had paid for a watch that he ultimately decided not to buy. Instead of returning the money, Moradi allegedly offered to issue store credit.
Despite the allegations of the defendant, it is unlikely that Bree’s is short on cash considering he just signed a two year extension to his contract with the New Orleans Saints. The contract was reportedly worth $50 million with $27 million guaranteed. It is understandable that the famous quarterback would be upset if he was swindled on these deals. However, it seems like it may be a good idea to seek an independent appraisal before purchasing such expensive pieces.
Unless a settlement agreement is reached between the two parties, a trial will ultimately play out on the lawsuit in view of the public. As this story progresses, keep an eye out for more blog posts on Druckman & Hernandez related to this lawsuit.