The federal Securities and Exchange Commission is accusing a Birmingham lawyer, who lives in Midtown, of convincing NFL and NBA players to hand him millions of dollars in investments in waste-to-fuel technology.
Credit: Johnny Edwards
Credit: Johnny Edwards
The SEC says the money really went to pay Donald V. Watkins' massive debts, alimony payments and credit card bills. He also sent money to his girlfriend and paid for a personal airplane, the lawsuit alleges.
The lawsuit doesn't name the athletes, but at least one is Bryan Thomas, a former New York Jets linebacker who played for the University of Alabama in college. Thomas and his wife invested $1 million in Masada and is now locked in litigation with Watkins in New Jersey federal court.
While the SEC was investigating, Watkins sued the agency in federal court, seeking to have a judge put an end to the investigation. Watkins said he was being retaliated against because of his online criticism of Alabama's governor, and he accused the SEC of failing to look at documents that would exonerate him.
"The SEC has never been interested in learning the truth about my businesses, their global reach, their value, or me," Watkins wrote on Facebook. "Instead, rogue officials within the SEC have hijacked the agency’s investigatory powers and complaint process for malicious purposes.
"The SEC’s lawsuit was not written or filed to win in court. Its complaint is the legal equivalent of a scud missile. It is nothing more than a smear sheet gifted wrapped in legal jargon that was launched by friends of my adversaries to undermine my reputation and character.
However, Walter Jospin joined the SEC in 2015. According to Watkins' lawsuit against the agency, the SEC's investigation started in 2013.
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