Jury finds Cay Clubs executive guilty in second bank fraud, conspiracy trial insurancenewsnet.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from insurancenewsnet.com Daily Mail and Mail on Sunday newspapers.
One of the principals in a now infamous Florida Keys real estate criminal fraud case has been found guilty of two counts of bank fraud and one count of conspiracy
Trump commutes 40-year sentence of Clearwater Ponzi scheme operator
Fred Davis Clark Jr. raised more than $300 million from investors, including for Clearwaterâs Grand Venezia on U.S. 19. He was released from prison on Jan. 13.
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Cay Clubs Resorts & Marinas CEO Dave Clark shown in 2006 at the groundbreaking of Grand Venezia resort at 18425 U.S. Highway 19 N in Clearwater that was a Ponzi scheme. He was sentenced to 40 years in prison in 2016 but his sentence was commuted by President Trump on Jan. 13. [ HANDOUT | Times | 2016 ]
Updated Jan. 20
Before an expected final flurry of pardons and commutations from the White House, President Donald Trump issued a single commutation last week to the mastermind of a $300 million vacation rental fraud that operated in Clearwater and 16 other sites.
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Trump Commutes Ex-Cay Clubs CEO s Ponzi Sentence
Law360 (January 14, 2021, 6:54 PM EST) President Donald Trump has commuted the 40-year sentence of Fred Davis Dave Clark Jr., who was convicted in 2015 of helping run a $300 million Ponzi scheme through the Florida Keys-based company Cay Clubs Resort and Marinas, Law360 has learned.
President Donald Trump, shown arriving at the White House on Tuesday, has commuted the 40-year sentence of a convicted Ponzi schemer. (AP Photo/Gerald Herbert) Clark, who served as CEO of Cay Clubs, had an appeal of his conviction pending in the Eleventh Circuit. He still must serve five years of supervised release and remains on the hook for a restitution order of.