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.

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

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