A former resort company president has been sentenced to 40 years in federal prison for orchestrating a $300 million vacation rental scam.
U.S. District Judge Jose Martinez imposed the sentence Monday on Fred Davis "Dave'' Clark Jr., who was convicted Dec. 11 of bank fraud, false statements and obstruction. He is former chief of now-defunct Cay Clubs Resorts and Marinas, which prosecutors say defrauded some 1,400 investors in properties in the Florida Keys and elsewhere.
Testimony showed Clark schemed to get rich by selling purported luxury condominium units that would be in renovated older properties, but the work usually wasn't done. The defense had contended the financial recession was behind Clark's financial problems, not fraud.
Prosecutor Jerrob Duffy said Clark also must pay $303 million restitution.
