Men Sentenced To Prison For Vacation Fraud Scam
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MIAMI (CBSMiami/AP) — A Miami federal judge has sentenced two Ft. Myers men who took part in a $300 million vacation rental fraud scheme to five years in prison each.
Barry Graham, 59, and Ricky Lynn Stokes, 54, were formerly executives at Cay Clubs Resorts and Marinas, which prosecutors say swindled some 1,400 investors in the Florida Keys and elsewhere.
Graham and Stokes pleaded guilty to a fraud conspiracy charge. Evidence shows Cay Clubs promised investors big returns by developing dilapidated properties into luxury resorts, but failed to do so. Graham and Stokes also admitted manipulating vacation unit marketing materials to falsely make them appear more valuable.
Two other former executives are awaiting trial June 1.
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