JACKSON, Miss. (WJTV) — Attorney General Jim Hood said a former development manager W. David Watkins was indicted on two counts of embezzlement.
Hood said Watkins turned himself in to authorities Wednesday night.
Authorities accuse Watkins of embezzling bond money intended for a development project he managed.
Watkins, 68, turned himself in to the Madison County Sheriff’s Department on one count of wire fraud and one count of embezzlement.
The indictment alleges he took $587,084.34 in bond proceeds from the Mississippi Business Finance Corporation while employed as the managing member of development company Retro Metro, LLC in June 2011.
According to the indictment, the bonds were intended for construction costs for a project financed through taxable revenue bonds for which BankPlus in Ridgeland served as Trustee.
Hood said the bond money was put toward Watkins’ own use.
The wire fraud charge stems from the scheme being transmitted by telephone, wire, or other communication across county lines, Hood said.
If convicted on all counts, Watkins faces up to 25 years in prison and $30,000 in fines.