SEC Targets Real Estate Execs Over $300M Ponzi Scheme

Law360, New York (January 30, 2013, 3:37 PM ET) -- The U.S. Securities and Exchange Commission on Wednesday sued five former executives of a defunct Florida real estate firm for allegedly running a $300 million Ponzi scheme and using the proceeds to purchase airplanes and boats and invest in a rum distillery.

The former executives of Cay Clubs Resorts and Marinas raised more than $300 million from nearly 1,400 investors across the country, promising to use the money to develop resort properties and units in Florida and Las Vegas, the SEC alleges in a complaint in...
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Case Information

Case Title

Securities and Exchange Commission v. Graham et al

Case Number



Florida Southern

Nature of Suit



James Lawrence King

Date Filed

January 30, 2013

Law Firms

Government Agencies