February 23, 2016- Key West, Florida
Fred Davis “Dave” Clark, Jr. , 57, was sentenced 40 years in federal prison on bank fraud and obstruction charges in what U.S. Attorney Jerrob Duffy describes as “…one of the largest frauds in the history of Monroe County”.
Clark was convicted in December 2015 of bank fraud and making a false statement to a financial institution and obstruction of the Securities & Exchange Commission related to his operation of Cay Clubs Resorts and Marina which marketed rental units in 17 locations in the Keys, Clearwater, Las Vegas and the Caribbean.
Losses to financial institutions and some 1,400 victims are estimated at $169 million. According to prosecutors Clark gained over $40 million personally by operating what the judge described as a ponzi scheme.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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