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Conviction in $300M vacation rental fraud case

Posted at 3:18 PM, Dec 12, 2015
and last updated 2015-12-12 15:18:26-05

MIAMI (AP) — A South Florida jury has convicted a former resort company president after his second trial in a $300 million vacation rental scam.

Jurors on Friday found Fred Davis "Dave" Clark Jr. guilty of bank fraud, false statements and obstruction. He is former chief of now-defunct Cay Clubs Resorts and Marinas. Jurors deadlocked in Clark's first trial in August and his wife was acquitted.

Trial testimony showed Clark defrauded banks in a scheme to get rich by selling purported luxury condominium units in the Florida Keys and elsewhere. Prosecutors said he also committed fraud involving another company that operates pawn shops in the Caribbean.

The defense had contended the financial recession was behind Clark's financial problems, not fraud.

Clark faces a potentially lengthy prison sentence at a hearing Feb. 25.