Current Conditions

Mostly Cloudy

Former executive of failed Keys resort charged in $300M scam

October 17, 2016 - 6:45 AM

MIAMI - Another former executive of a failed Florida Keys resort has been charged in a $300 million vacation rental scam.

The Miami Herald reports ( ) 60-year-old David Schwarz was arrested last week on federal charges in Orlando. Schwarz was once the chief financial officer and one-third owner of the Cay Clubs Resorts and Marinas.

Prosecutors say 1,400 investors were defrauded. The resort's former president was sentenced in February to 40 years in federal prison. Two ex-sales executives pleaded guilty to conspiracy charges and were sentenced to five years in prison.

Schwarz was indicted on multiple charges, including bank fraud. He faces up to 30 years in prison for each of the most serious charges.

Schwarz's attorney, Kenneth Hazouri, didn't immediately respond to messages left Monday by The Associated Press.


Information from: The Miami Herald,

News from © The Associated Press, 2016
The Associated Press

  • Popular kamloops News
  • Comments
  • Routine stop in Kamloops turns into yelling match on Halston Avenue
    KAMLOOPS - What should have been a straightforward impaired driving check became tense yesterday as people in two cars yelled at each other about who had guns in their cars, police say. Arou
  • RCMP confirm death of Vernon man was a homicide
    VERNON - What was first described as a suspicious death in Vernon is now being called a homicide by RCMP. Police are officially releasing the identity of a man found dead last Thursday, Mar
  • Kamloops RCMP bust drug dealer
    KAMLOOPS – Police in Kamloops have arrested a Falkland man for drug trafficking following an investigation two weeks ago. RCMP say members of the Street Level Drug Unit conducted an in
  • UPDATE: Man police sought identified
    KAMLOOPS - Kamloops RCMP have spoken with a man they were looking for in connection to a case of false identity. After an RCMP media release this morning, March 29, asking the public for tip
  • Body of man found dead in Vernon identified
    VERNON - The man found dead last week in Vernon has been identified as Dustin Rogers in a report from Global News. According to police, a body was discovered about 7:24 a.m. March 23 near
View Site in: Desktop | Mobile