Chancery court upholds Secretary of State's ruling against Jacks - - Jackson, MS

Chancery court upholds Secretary of State's ruling against Jackson developer

Source: WLBT Source: WLBT
JACKSON, MS (Mississippi News Now) - A Hinds County Chancery Court has ordered Watkins Development, LLC and David Watkins, Sr. to pay $587,084.34, plus interest, in restitution; $50,000 in penalties for violations of the Mississippi Securities Act; and, $18,047.39 to the taxpayer for investigation costs and administrative proceedings.

The court upheld the Secretary of State's ruling that Watkins took bond money from a mall project and diverted it to a project to build a new police station in Meridian. Hosemann said 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

The Court found Watkins' failure to disclose the existence of a Development Agreement did not violate the Mississippi Securities Law and therefore, reversed that finding from the Secretary of State's Final Order.

You can read the court's ruling here.

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