Developer accused of misusing mall bond funds

David Watkins

David Watkins

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.

[RSS Feed] [del.icio.us]



To sign up for Mississippi Business Daily Updates, click here.

POST A COMMENT

 

FOLLOW THE MBJ ON TWITTER

Twang & Tourism: The Country Music Trail

Our annual "Come See Us" magazine offers ideas for spots in Mississippi ranging from golf to culture to history to food. Click the photo for ideas, stories and access to the digital edition of this year's magazine.

Top Posts & Pages

%d bloggers like this: