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

4:13-cv-10011

Court

Florida Southern

Nature of Suit

Securities/Commodities

Judge

James Lawrence King

Date Filed

January 29, 2013

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