Las Vegas Cay Club Executives Indicted For Alleged Ponzi Scheme
Las Vegas, Nevada (PRWEB) October 10, 2014
On September 16, 2014, the U.S. Attorney’s Office for the Southern District of Florida, indicted Fred Davis Clark (aka “Dave Clark”) and Cristal R. Clark (aka “Cristal Coleman”), who according to Court documents were former principles of the now defunct Cay Clubs Resorts International. The Indictment brings forth charges of conspiracy and multiple counts of bank fraud in connection with an alleged $300 million Ponzi scheme (Case No. 13-10034-CR-JEM). A copy of the indictment can be read by clicking here.
According to the Indictment, the charges against Dave Clark and Cristal Coleman arise from their operation of Cay Clubs, a network of luxury condominium resorts with locations throughout the country, including several in Florida and one location in Las Vegas. The alleged Cay Clubs scheme involved promises to investors that Cay Club developers would refurbish and upgrade existing condominium complexes into luxurious condominium resorts with various upscale amenities.
According to Court documents, approximately 1,400 investors were allegedly fleeced out of several hundred million dollars as the money earmarked for improvements was allegedly stolen by Clark, Coleman and other known and unknown co-conspirators. According to Court documents, the Las Vegas location was known as Las Vegas Cay Club, situated across the street from the Rio Hotel & Casino at 4200 South Valley View Boulevard (the location is now known as Desert Tides).
The indictments are only accusations and the defendant is presumed innocent until proven guilty.
The founding Partner of Gerard & Associates, Robert Gerard, is available for interview and can be reached at (702) 251-0093 or at rgerard(at)gerardlaw(dot)com.