Florida Keys News
Friday, February 1, 2013
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A FRENZY OF GREED
Cay Clubs and its investors saw big money in the developers' grand vision, but it now appears to have been a $300 million Ponzi scheme

Until their Cay Clubs venture collapsed in 2008, along with the national real estate market, Key Largo couple Fred "Dave" Clark and his then-girlfriend, now wife, Cristal Coleman, lived large off other people's money for a few frenzied years, luring some 1,400 investors to pour a collective $300 million into their pockets.

Yet Cay Clubs was nothing more than a Ponzi scheme p...

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