Couple’s trial opens in $300M vacation rental fraud case

A federal trial began Wednesday for a married couple accused of orchestrating a $300 million fraud involving thousands of investors who were promised big profits by purchasing dilapidated properties in the Florida Keys and elsewhere that would be transformed into luxurious resorts.

¬†Instead, prosecutors say Fred Davis “Dave” Clark Jr., former president of now-defunct Cay Clubs Resorts and Marinas, and Cristal Clark, a top sales agent, defrauded banks and about 1,400 individual investors through a series of misleading marketing materials and false statements. The investors in some cases were promised quick returns of 15 to 20 percent, according to court documents.
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Rachel Dollar

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