Jury finds Cay Clubs executive guilty in fraud case
One of the principals in a now infamous
A federal jury in
In 2020, the
Schwarz held a one-third ownership stake in and served as the chief financial officer of
Their purported goal was to develop multiple amenity-rich luxury resorts and to sell condominium units within those resorts to buyers. The business eventually employed more than 1,000 people, sold more than 1,100 condo units, amassed gross revenues between
In 2015, a jury found Clark guilty of bank fraud, making false statements in connection with federally insured loans and obstructing an official proceeding.
Prosecutors alleged that the conspirators paid the mortgage payments out of
Meanwhile, according to the indictment, Clark and Schwarz were funneling cash out of
A jury found
In 2020, former President
Clark was also ordered to turn over about
In addition, the judge ordered the forfeiture of specific overseas assets totaling about
Trump commuted Clark's remaining term of incarceration after serving more than six years in federal prison for a first-time, non-violent offense.
Clark's commutation was supported by Professor
Failed fraud, driveaway driver, frog fracas| San Juan County Sheriffs Log
Former NJ man sentenced to prison for attempting to defraud elderly Oregonian
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