A Fort Myers lawyer facing an ethics complaint over his links to a former client’s $300 million Ponzi scheme asked the Florida Supreme Court not to suspend his law license – for 90 days or as decided by the court – when his attorney Patrick McGinley and bar counsel Chris Altenbernd faced off in oral arguments.
The Florida Bar accused attorney Charles Paul-Thomas Phoenix of violating rules governing truthfulness and terminating representation. Its complaint alleges he knew his client, Florida vacation rental company Cay Clubs Resorts and Marinas, was defrauding investors.
David Schwarz, officer in Cay Clubs Resorts, convicted in $300 million vacation rental scam
Originally Published: March 6, 2017 | Republished by LIT: Oct. 13, 2020
MIAMI — A former executive of a failed Florida Keys resort has been convicted in a $300 million vacation rental scam.
A U.S. Attorney’s Office statement says a jury found 60-year-old David Schwarz guilty Friday of conspiracy to commit bank fraud, bank fraud and interference with the administration of the IRS. Sentencing is May 1 – (He would be sentenced to 40 years jail).
Schwarz was once chief financial officer and one-third owner of the Cay Clubs Resorts and Marinas, which operated resorts in the Florida Keys, Clearwater, Orlando and Las Vegas. Prosecutors say 1,400 investors who purchased units in Cay Clubs developments were defrauded.
The resort’s former president, . Fred Davis “Dave” Clark Jr., was sentenced last year to 40 years in federal prison.
Two former sales executives pleaded guilty to conspiracy charges and were sentenced to five years in prison.