September 16, 2014-Miami FL
The United States Attorney for the Southern District of Florida, Internal Revenue Service-Criminal Investigation and U.S. Immigration and Customs Enforcement’s Homeland Security Investigations Inspector General announced the indictment of Fred Davis Clark, 56, and Cristal R. Clark (aka Coleman) on bank fraud and other charges in connection with a $300 million Ponzi Scheme, Cay Clubs Resorts and Marina.
Cay Clubs sold vacation rental units but ran out of funds and began using proceeds of sales to new investors to make leaseback payments to earlier investors, the classic ponzi.
The Clarks had fled the country, but Fred Clark was expelled from Panama and Cristal was expelled from Honduras. They are detained and awaiting trial in Key West.
If you invested in Cay Clubs on the recommendation of a registered stockbroker, call to discuss your legal options.
Rex Securities Law provides nationwide representation to investors 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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