Former executive of failed Keys resort guilty in $300M scam

MIAMI — A former executive of a failed Florida Keys resort has been convicted in a $300 million vacation rental scam.

A U.S. Attorney's Office statement says a jury found 60-year-old David Schwarz guilty Friday of conspiracy to commit bank fraud, bank fraud and interference with the administration of the IRS.

Sentencing is May 1.

Schwarz was once chief financial officer and one-third owner of the Cay Clubs Resorts and Marinas, which operated resorts in the Florida Keys, Clearwater, Orlando and Las Vegas. Prosecutors say 1,400 investors who purchased units in Cay Clubs developments were defrauded.

The resort's former president, Fred Davis "Dave" Clark Jr., was sentenced last year to 40 years in federal prison. Two former sales executives pleaded guilty to conspiracy charges and were sentenced to five years in prison.

___

Information from: The Miami Herald, http://www.herald.com

Must Read

6-day war begets 50 years of strife for Israel

May 29, 2017

For Israel, 6-day war in which it vanquished several Arab armies, begets 50-year fight with...

Hurricane Newton slams Mexico's Los Cabos...

Sep 7, 2016

Hurricane Newton shatters windows, downs trees and knocks out power in parts of the twin resorts of...

Mexicans seek loved ones, answers in deadly...

Dec 22, 2016

Relatives of workers at a Mexico fireworks market leveled by a chain-reaction explosion are...

Thousands attend Mexican girl's party following...

Dec 27, 2016

Looking overwhelmed by the attention, yet resplendent in an elaborate fuchsia dress and gleaming...

Mexico quake hit hard at center of Zapotec 'muxe'...

Sep 12, 2017

The magnitude 8.1 quake that killed 96 people across Mexico struck hardest in the heartland of...

People also read these

6-day war begets 50 years of strife for Israel

May 29, 2017

For Israel, 6-day war in which it vanquished several Arab armies, begets 50-year fight with...

Roman theater uncovered at base of Jerusalem's...

Oct 16, 2017

Israeli archaeologists find 1,800-year-old Roman-era theater in Jerusalem's Old City abutting the...

Israel's Netanyahu is no stranger to scandals

Feb 14, 2018

Prime Minister Benjamin Netanyahu, fighting for his political life after being accused of taking...

Hurricane Newton slams Mexico's Los Cabos...

Sep 7, 2016

Hurricane Newton shatters windows, downs trees and knocks out power in parts of the twin resorts of...

Mexicans seek loved ones, answers in deadly...

Dec 22, 2016

Relatives of workers at a Mexico fireworks market leveled by a chain-reaction explosion are...

About Us

Walk To The Place offers travel news of popular destinations for travelers with the urge to explore these places.

Contact us: sales@walktotheplace.com

Subscribe Now!