Jury Deliberations In $300 Million Vacation Rental Fraud

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MIAMI (CBSMiami/AP) - A federal jury has begun deliberations in the Miami trial of a couple accused of orchestrating a $300 million fraud which involved thousands of investors who were promised big profits by purchasing dilapidated properties in the Keys and elsewhere to be transformed into luxurious resorts.

But luxurious resorts never happened.

Instead Fred Davis "Dave" Clark Jr., the former president of now-defunct Cay Clubs Resorts and Marinas, and his wife and top sales agent Cristal Clark reportedly defrauded banks and about 1,400 individual investors through a series of misleading marketing materials and false statements.

In some cases, the investors were promised quick returns of 15 to 20 percent, according to court documents.

The Clarks face potentially decades in prison if convicted.

Dave Clark's defense was that the company's problems were caused by the financial recession, not criminal acts. Cristal Clark, meanwhile, contended that she relied on her husband and his financial and legal advisers.

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