Alabama father, son indicted in investment fraud scheme
BIRMINGHAM, Ala. (AP) — An Alabama attorney and his son are accused of defrauding investors and a bank out of millions of dollars.
An indictment was handed down Thursday against Donald V. Watkins Sr., 70, of Atlanta, and Donald V. Watkins Jr., 46, of Birmingham, according to a news release from U.S. Attorney Jay Town. Each faces multiple counts of wire and bank fraud and one count of conspiracy.
The indictment alleges that from 2007 until 2014, the pair induced investors to pay millions into an account that was supposed to grow two companies they were associated with. According to the indictment, the money was used for other costs, including alimony and clothing.
Watkins and his son are also charged with conspiring to obtain loans from Alamerica Bank through an allegedly fraudulent scheme involving the use of a third party to take out the loans on their behalf, according to the statement.
Read more: https://www.timesdaily.com/news/state/alabama-father-son-indicted-in-investment-fraud-scheme/article_c96f7928-f389-501c-ac28-a8e13b54bd92.html