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Donald Watkins Sr. hit with millions in fines in SEC fraud case

Rickey Stokes

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Posted by: cannon
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Date: Jul 15 2019 1:19 PM

Sentencing for the Alabama conviction is scheduled for Tuesday, July 16, at 9 a.m. in U.S. Chief District Judge Karon O. Bowdre’s courtroom in Birmingham.


A federal judge in Georgia has ordered Alabama attorney and businessman Donald V. Watkins Sr. to pay “the Securities and Exchange Commission $5 million for defrauding former NBA star Charles Barkley and other investors out of millions of dollars,” according to a report filed by Law360.


This latest legal blow accompanies Watkins’ conviction on federal fraud charges in Alabama.


The Georgia order stems from a 2016 SEC case that charged Watkins Sr. and companies he controls of “defrauding professional athletes and other investors out of millions of dollars, much of which he spent on his girlfriend and to cover personal expenses like alimony, past-due taxes and credit card bills,” according to filings in U.S. District Court for the Northern District of Georgia Atlanta Division.


U.S. District Judge Steve Jones has ordered Watkins Sr. and his company, Masada Resource Group LLC, to cease any fraudulent business actions, repay nearly $3 million in alleged profits and also pay a fine of roughly $2 million to the SEC.


This is the latest development for the legendary lawyer turned business mogul and internet blogger.


Watkins Sr. and his son, Donald Jr., were found guilty of federal fraud charges in Alabama in 2019.


Federal prosecutors accused father and son in a 10-count indictment filed in the Northern District of Alabama with seven counts of wire fraud, two counts of bank fraud and one count of conspiracy to commit wire fraud and bank fraud.


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