Retrial Set for Man in $300M Florida Vacation Rental Fraud Case

A second trial is set for a former resort company president accused of bank fraud and other charges in an alleged $300 million vacation rental scam.

Jury selection is scheduled to start Monday in Miami federal court for Fred Davis ``Dave'' Clark Jr., former chief of now-defunct Cay Clubs Resorts and Marinas. Jurors deadlocked in Clark's first trial in August and his wife was acquitted.

Clarks is accused in a 12-count indictment of defrauding banks in an alleged scheme to sell purported luxury condominium units in the Florida Keys and elsewhere. He's also accused of fraud involving another company that operates pawn shops in the Caribbean.

Defense lawyers say the financial recession was behind Clark's financial problems, not fraud. If convicted Clark faces a maximum 310-year prison sentence.

Copyright AP - Associated Press
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