Jury deliberating in $300M vacation rental fraud case
MIAMI (AP) — A federal jury in Miami has begun deliberations in the trial of a married couple accused of orchestrating a $300 million vacation rental fraud scheme.
Jurors on Tuesday began debating the fate of Fred Davis "Dave" Clark Jr., former president of now-defunct Cay Clubs Resorts and Marinas, and Cristal Clark, a top sales agent.
They are accused of defrauding banks and about 1,400 individual investors through a series of misleading marketing materials and false statements.
The Clarks face potentially decades in prison if convicted. The trial began July 8.
Dave Clark's defense was that the company's problems were caused by the financial recession, not criminal acts. Cristal Clark, meanwhile, contended that she relied on her husband and his financial and legal advisers.