Monday, March 24, 2014

SOS hammers Watkins

Secretary of State Eggbert Hosemann issued the following press release:


Watkins ordered to pay restitution, civil penalties
Final Order issued by Secretary of State

Jackson, MS—Secretary of State Delbert Hosemann issued a final order in the matter of Watkins Development, LLC and David Watkins, Individually, after an administrative hearing officer found Watkins to have operated in a manner to "mislead or deceive."  Those actions included untrue statements in the bond offering, misleading and deceptive actions in the use of bond proceeds, and substantial omissions in payment requisitions, all in violation of Miss Code Section 75-71-501, Article 5 Fraud and Liabilities, of the Mississippi Securities Act of 2009.

"The hearing officer in the case recommended restitution in the amount of $587,084, plus legal interest and a civil penalty of $75,000 against Watkins Development and David Watkins.  I see no reason to disagree with the recommendation of the hearing officer," says Secretary Hosemann.

After a two-day hearing in October, Watkins was found to have taken funds designated to renovate the "Belk Building" in the Metrocenter shopping center in Jackson, and instead, used the funds to purchase property in Meridian.  The failure to disclose their intentions to use the bond proceeds for any other purpose other than renovating the space at the Metrocenter violates the general fraud statutes of the Mississippi Securities Act.

Watkins Development, LLC and David Watkins are also ordered to pay administrative and investigative costs in the amount of $18,047.39. 

Watkins Development, LLC and David Watkins may appeal the decision in the First Judicial District of Hinds County within sixty (60) days of the Final Order.



16 comments:

Team Jackson Spotlight said...


This certainly casts a pall over the Board Chair of the Downtown Jackson Partners. Maybe Uncle Ben can dissect it tomorrow during the Around Jackson Hour.

Anonymous said...

Why didn't Gilbert hammer Morgan Shand when he was caught taking nearly $400,000.00 operating a bingo hall in Cleveland as a charity? He's still running the bingo hall, or his sister is! Why can't Delbert get his act together? He fined Shands $17,000 and is letting him pay the $400,000.00 back over 10 years - and no interest! Now that's a sweetheart deal - for Morgan. Wonder is Watkins is getting to pay his money back over a 10 year term. The FEDS need to look at Shands, but oh I forgot, he used to work for Senator Wicker, as well as State Auditor Stacy Pickering! When was the last time the Gaming Commission investigated a bingo hall. Look at the money behind bingo and you will find some interesting names!

Anonymous said...

Delbert, you have guaranteed yourself my vote for whatever you run for next, "If and only if" this money is collected. Kingfish will of course keep us notified of whenever this happens. Watkins is slick, and probably won't have to pay.

Anonymous said...

Its the 'development game'. Your partners (anonymous partners) pay up because they are the ones who benefited when the company took the citizens to the cleaners in the first place. The partners behind the corporate veil are the wheelers-&-dealers who backed the politicians whose job it was to approve of the bonds and your projects. The trick is to have no egg on your face or look dirty so you can skate to the next deal.

Anonymous said...

Why "Eggbert"?

Anonymous said...

Why Eggbert?

Don't you remember the commercials he had when running for SOS the first time?

Wilbert, Dilbert, Eggbert, it's all a play on those commercials.

Anonymous said...

"Don't you remember the commercials he had when running for SOS the first time?"

Ah, sorry, didn't see them. Thanks for the explanation.

Anonymous said...

http://www.youtube.com/results?search_query=delbert%20hosemann&sm=3

some of the videos

Anonymous said...

Who are David Watkins partners? Sen. John Horhn sponsored the legislation for the $6M low interest loan for Farish. Who are Sen Horhn's closest friends? Bank presidents. Blake Wilson? William R. Wright? Fred Banks? Reuben Anderson? Wm. Winter? When "W. David Watkins" first practiced law he was on the 11th floor of First National and later in Madison County before he latched on to education law.

Anonymous said...

Didn't see them! You are lucky. Evidently you haven't seen any of the following paid advertising (all paid, of course, by your tax dollars) for get-out-the-vote campaigns, register to vote, etc.etc. when Eggbert continues to push his mug on us with his little old lady routing. Good thing he didn't try to run for Senator - we would have been subject to more of it. But if he ran for something important he would learn that he would have to have more than just a gimmick, he would have to deal with substance. At that point his ego would have overtaken and we could delightfully send him home.

Anonymous said...

Can you post the PPM?

Anonymous said...

Someone here is commenting on Digbert who claims to never have seen one of those ads. Bullshit ALERT!

Digbert is obviously a dull tool among those in the shed. Couldn't even manage to keep the mayoral election from being stolen in a city as large as Hattiesburg. Put him in a bag with Pickering and shake them up; pour the contents out and you have Ricky Cole wearing a Hillman Frazier bow tie with the curb appeal of Steve Holland.

Anonymous said...

@7:00 AM - What's wrong? Did Delbert shut down your charity?

Anonymous said...

David Watkins' partners in Retro Metro and Farish Street are Socrates Garrett and Leroy Walker.

7:00 a.m. Again said...

No, 7:26; can you name two charities Digbart has 'shut down'? One?

PPSS: Who gives a shit who Myrtyl Evers endorses?

Anonymous said...

"No, 7:26; can you name two charities Digbart has 'shut down'? One?"

1. Fine Arts Institute in Madison - Bill Murphy

2. Bit by Bit Equine - Pearl, MS - Stephanie Wilson

3. Bob Ford Christian Golf - Madison - Bob Ford

4. King's 2nd Chance -Biloxi

5. BDT Housing - Walls, MS

6. Young Conservative Politician Coalition -Meridian

The orders are all online. But maybe you can't read?

Shall I continue?

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