The U.S. Securities and Exchange Commission (SEC) filed charges against Donald Watkins and his companies, Watkins Pencor and Masada Resource Group, for fraud. Watkins supposedly lied to investors by telling them that their funds would be used to help develop waste-to-energy (WTE) projects and that Waste Management was considering his companies in a multibillion-dollar transaction. Instead of using the money for the WTE projects, Watkins spent the funds on his girlfriend and personal expenses, such as alimony, late taxes and credit card bills.
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An Alabama attorney allegedly defrauded professional athletes and other investors out of millions of dollars, which he claimed would be used to develop waste-to-energy projects, according to the US Securities and Exchange Commissions.
Earlier this month the SEC filed charges against Donald Watkins and his companies, Watkins Pencor and Masada Resource Group.