Developer accused of misusing mall bond funds
Published: March 25,2014
Tags: bond, Commercial Real Estate, David Watkins, Delbert Hosemann, developer, development, finance, Metrocenter Mall, misappropriation, police station, restitution, Secretary of State's Office, state agency, State of Mississippi
JACKSON — The Secretary of State’s Office has found Jackson developer David Watkins took funds from a mall project and diverted it to a project to build a new police station in Meridian.
Yesterday, Secretary of State Delbert Hosemann announced in a news release that Watkins and his company have been order to pay restitution of $587,084, plus legal interest and a civil penalty of $75,000. Hosemann says Watkins and company also must pay administrative and investigative costs totaling $18,047.
Hosemann says Watkins diverted about a half million dollars in bond proceeds for the Metrocenter Mall project in Jackson to close the deal on the police station project.
Watkins’ attorneys denied any wrongdoing while acknowledging the transfer of the money.
Watkins has 60 days to appeal the decision.
To sign up for Mississippi Business Daily Updates, click here.
Mississippi Economic Council
Mississippi Chambers of Commerce
Mississippi State Legislature
Mississippi Development Authority
Mississippi Economic Development Council
North Mississippi News
Social Security Disability Lawyer
Auto Accidents Lawyer
Top Posts & Pages
- Ingalls to lease former SRHS clinic in Gautier for employee medical center
- Miss. surgeon sentenced in tax evasion case
- Aluminum company rumored for Columbus: 'clock' is for website, not plant site
- Shale oil: market correction or longterm direction?
- WRESTLING SUCCESS — Ted DiBiase Jr. leaves ring to become entrepreneur
- Hyatt-Place is Columbus’ newest hotel option
- Two new casinos like the odds on Mississippi Gulf Coast
- Pearl ordering rental properties to retrofit with sprinklers, build storm shelters
- MBJ exclusive: Jackson’s new airport CEO fulfills desire to taking on the top job