Florida Keys News
Tuesday, July 23, 2013
Judge tosses Cay Clubs Ponzi scheme suit
SEC needs to amend its argument; submit purchase agreements for 1,400 buyers

A judge has dismissed the U.S. Securities and Exchange Commission's $300 million Ponzi scheme suit against executives of the defunct Cay Clubs development company and has ordered the SEC to file an amended suit by next Tuesday

In the July 10 order, U.S. District Judge James Lawrence King found the SEC's complaint, "presents insufficient facts," to support its charges against...

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