Former exec convicted in $300M vacation rental fraud case - Fox29 WFLX TV, West Palm Beach, FL-news & weather

Former exec convicted in $300M vacation rental fraud case

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.

Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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