Thursday, November 20, 2014

Court uphold SOS against Watkins, orders $655,131 payment.

Secretary of State Gibbert Hosemann issued the following press release:

Court upholds Secretary of State’s Findings in Watkins Case

Jackson, MS—The Chancery Court of Hinds County, First Judicial District, 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.

In its Opinion and Order, the Court affirmed the Secretary of State’s Final Order as follows:

·        When Watkins failed to disclose his intentions to use the bond proceeds for any purpose other than the improvements for the Retro Metro project, Watkins violated the Mississippi Securities Act by employing a device, scheme, or artifice to mislead or deceive;
·        Watkins’ use of a portion of the bond proceeds for the Retro Metro project to finance the activities of the Mississippi Law Enforcement Center, LLC in Meridian is a material omission and a violation of the Mississippi Securities Act; and,
·        Watkins’ misuse of the Retro Metro bond proceeds was an act and course of business that operated to mislead or deceive.  The Court found this was in connection with the offer and the sale of securities and a violation of the Mississippi Securities Act. 

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. 


Anonymous said...

Who does he have to pay it to?

Anonymous said...

Why hasn't he been disbarred yet?????

Anonymous said...

So Delbert has directed that Watkins pay interest, but what about Morgan Shands - he has TEN YEARS to pay - BUT NO INTEREST! Delbert is just as dirty as they are - playing favorites with Shands and going after Watkins! At least Watkins at least looked like he was trying to do something for the people. Shands did his under the cover of Bingo Baby for the American Legion!

Anonymous said...

Watkins' massive cash flow problems have been well documented here at JJ over the years. It may be bankruptcy time now.

Anonymous said...

Guess this means that David won't be playing WOPM (with other people's money). Guess he will have to try for public office if he wants to keep up this kind of charade.

Anonymous said...

Disbarred for what. He did not steal from another lawyer.

Anonymous said...

this is kind of fun. you gotta read the shit about keith parsons, the dumb ass lawyer that filed the complaint against watkins to start with. the judge ripped him a new one. glad he's not my lawyer.

Anonymous said...

Feds will cuff and stuff him before it's all over.

Anonymous said...

Looks like Watkins has already appealed to the Supreme Court. So, this hunt ain't over yet. I started reading the judge's opinion and just got bored. Maybe some of you lawyer types can enlighten us what it really means.

Anonymous said...

David owes hundreds of thousands in past due property taxes and unpaid judgments. Of course he's going to appeal. He needs to stall for time.

Anonymous said...

What law firm(s) did Watkins and Hosemann work for in their earlier days??

Anonymous said...

I wonder how much money Jones Walker has made in legal fees using Watkins as a target for their clients? JRA? RetroMetro? Secretary of State? ? Pretty good racket, as long as you can get away with it.

Anonymous said...

The most important element of this decision is being overlooked. The judge REVERSED the trial judge's finding that the development agreement was material. That's important because if the agreement, which is what the money in question was used to pay, was not material, then the other three counts must fall. This is an easy win on appeal for Watkins. And, yeah, the stuff on Keith Parsons is hilarious. And he was the only witness for the SOS. In all the discussion, what I don't understand most is this: The bondholders lent the project two million dollars more than the projected construction costs. Doesn't that mean they KNEW the developer would be charging substantial sums for his services (far more than the $550,000 charged by Watkins)? And isn't it important that the bond is not in default and the bondholders did not lodge this complaint--Watkins bitter political enemy did? I just don't get this.

Anonymous said...

Watkins worked for Brunini and then Adams and Reese; Hosemann practiced with Phelps Dunbar.

Anonymous said...

There's too much crap this court order for me to understand it. Can some lawyer give a recap? I'm still trying to figure out who Watkins has to pay the money to. It looks like it's to his ex partners and not bondholders. It seems that there's a lot more stuff going on here than it appears. I just can't put my finger on it.

Anonymous said...

@10:52 - oh, shit! no wonder I couldn't understand this. I knew there had to be more to this than meets the eye. damn. What happens next?

Anonymous said...

Watkins will lose his appeal to the Sups.

Anonymous said...

@2:34 Why do you think so? How are you involved.

Anonymous said...

The court is ordering restitution to Retro Metro. According to SOS records, the members are Socrates Garrett, Leroy Walker and Howard Catchings.

Suscribe to latest on JJ.

Recent Comments

Search Jackson Jambalaya


Subscribe to JJ's Youtube channel

Who is the hottest reporter?


Who is the Hottest Reporter in Jackson?

Trollfest '09

Trollfest '07 was such a success that Jackson Jambalaya will once again host Trollfest '09. Catch this great event which will leave NE Jackson & Fondren in flames. Othor Cain and his band, The Black Power Structure headline the night while Sonjay Poontang returns for an encore performance. Former Frank Melton bodyguard Marcus Wright makes his premier appearance at Trollfest singing "I'm a Sweet Transvestite" from "The Rocky Horror Picture Show." Kamikaze will sing his new hit, “How I sold out to da Man.” Robbie Bell again performs: “Mamas, don't let your babies grow up to be Bells” and “Any friend of Ed Peters is a friend of mine”. After the show, Ms. Bell will autograph copies of her mug shot photos. In a salute to “Dancing with the Stars”, Ms. Bell and Hinds County District Attorney Robert Smith will dance the Wango Tango.

Wrestling returns, except this time it will be a Battle Royal with Othor Cain, Ben Allen, Kim Wade, Haley Fisackerly, Alan Lange, and “Big Cat” Donna Ladd all in the ring at the same time. The Battle Royal will be in a steel cage, no time limit, no referee, and the losers must leave town. Marshand Crisler will be the honorary referee (as it gives him a title without actually having to do anything).

Meet KIM Waaaaaade at the Entergy Tent. For five pesos, Kim will sell you a chance to win a deed to a crack house on Ridgeway Street stuffed in the Howard Industries pinata. Don't worry if the pinata is beaten to shreds, as Mr. Wade has Jose, Emmanuel, and Carlos, all illegal immigrants, available as replacements for the it. Upon leaving the Entergy tent, fig leaves will be available in case Entergy literally takes everything you have as part of its Trollfest ticket price adjustment charge.

Donna Ladd of The Jackson Free Press will give several classes on learning how to write. Smearing, writing without factchecking, and reporting only one side of a story will be covered. A donation to pay their taxes will be accepted and she will be signing copies of their former federal tax liens. Ms. Ladd will give a dramatic reading of her two award-winning essays (They received The Jackson Free Press "Best Of" awards.) "Why everything is always about me" and "Why I cover murders better than anyone else in Jackson".

In the spirit of helping those who are less fortunate, Trollfest '09 adopts a cause for which a portion of the proceeds and donations will be donated: Keeping Frank Melton in his home. The “Keep Frank Melton From Being Homeless” booth will sell chances for five dollars to pin the tail on the jackass. John Reeves has graciously volunteered to be the jackass for this honorable excursion into saving Frank's ass. What's an ass between two friends after all? If Mr. Reeves is unable to um, perform, Speaker Billy McCoy has also volunteered as when the word “jackass” was mentioned he immediately ran as fast as he could to sign up.

In order to help clean up the legal profession, Adam Kilgore of the Mississippi Bar will be giving away free, round-trip plane tickets to the North Pole where they keep their bar complaint forms (which are NOT available online). If you don't want to go to the North Pole, you can enjoy Brant Brantley's (of the Mississippi Commission on Judicial Performance) free guided tours of the quicksand field over by High Street where all complaints against judges disappear. If for some reason you are unable to control yourself, never fear; Judge Houston Patton will operate his jail where no lawyers are needed or allowed as you just sit there for minutes... hours.... months...years until he decides he is tired of you sitting in his jail. Do not think Judge Patton is a bad judge however as he plans to serve free Mad Dog 20/20 to all inmates.

Trollfest '09 is a pet-friendly event as well. Feel free to bring your dog with you and do not worry if your pet gets hungry, as employees of the Jackson Zoo will be on hand to provide some of their animals as food when it gets to be feeding time for your little loved one.

Relax at the Fox News Tent. Since there are only three blonde reporters in Jackson (being blonde is a requirement for working at Fox News), Megan and Kathryn from WAPT and Wendy from WLBT will be on loan to Fox. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both and a torn-up Obama yard sign will entitle you to free drinks served by Megan, Wendy, and Kathryn. Get your tickets now. Since this is an event for trolls, no ID is required. Just bring the hate. Bring the family, Trollfest '09 is for EVERYONE!!!

This is definitely a Beaver production.

Note: Security provided by INS.

Trollfest '07

Jackson Jambalaya is the home of Trollfest '07. Catch this great event which promises to leave NE Jackson & Fondren in flames. Sonjay Poontang and his band headline the night with a special steel cage, no time limit "loser must leave town" bout between Alan Lange and "Big Cat"Donna Ladd following afterwards. Kamikaze will perform his new song F*** Bush, he's still a _____. Did I mention there was no referee? Dr. Heddy Matthias and Lori Gregory will face off in the undercard dueling with dangling participles and other um, devices. Robbie Bell will perform Her two latest songs: My Best Friends are in the Media and Mama's, Don't Let Your Babies Grow up to be George Bell. Sid Salter of The Clarion-Ledger will host "Pin the Tail on the Trial Lawyer", sponsored by State Farm.

There will be a hugging booth where in exchange for your young son, Frank Melton will give you a loooong hug. Trollfest will have a dunking booth where Muhammed the terrorist will curse you to Allah as you try to hit a target that will drop him into a vat of pig grease. However, in the true spirit of Separate But Equal, Don Imus and someone from NE Jackson will also sit in the dunking booth for an equal amount of time. Tom Head will give a reading for two hours on why he can't figure out who the hell he is. Cliff Cargill will give lessons with his .80 caliber desert eagle, using Frank Melton photos as targets. Tackleberry will be on hand for an autograph session. KIM Waaaaaade will be passing out free titles and deeds to crackhouses formerly owned by The Wood Street Players.

If you get tired come relax at the Fox News Tent. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both will entitle you to free drinks.Get your tickets now. Since this is an event for trolls, no ID is required, just bring the hate. Bring the family, Trollfest '07 is for EVERYONE!!!

This is definitely a Beaver production.

Note: Security provided by INS