USA v. Schwarz

  1. May 05, 2017

    Fla. Real Estate Exec To Pay IRS $1.5M For Ponzi Scheme

    A Florida real estate executive sentenced to 40 years in federal prison for running a $300 million Ponzi scheme out of defunct luxury development company Cay Clubs Resorts and Marinas was ordered Thursday to pay the U.S. Internal Revenue Service over $1.5 million in restitution for taxes owed on unreported income.

  2. May 04, 2017

    Ex-CFO Of Cay Clubs Gets 40 Years For $300M Ponzi Scheme

    A Florida real estate executive convicted of running a $300 million Ponzi scheme out of luxury resort company Cay Clubs Resorts and Marinas was sentenced to 40 years in federal prison Thursday.

  3. April 28, 2017

    Ex-CFO 'Has No Remorse' For $300M Ponzi Scheme, Feds Say

    Federal prosecutors in Florida slammed a convicted real estate executive's bid for leniency Wednesday, saying that the onetime chief financial officer behind a $300 million Ponzi scheme "has no remorse" for his crimes, and reiterated their sentence recommendation for 93 years' imprisonment and hundreds of millions of dollars in restitution and fines.

  4. April 25, 2017

    Ex-Cay Clubs CFO Seeks Leniency In $300M Ponzi Sentence

    A Florida real estate executive convicted for bank fraud in an alleged $300 million Ponzi scheme repeated his opposition to prosecutors’ recommendation of a 93-year prison sentence and millions in restitution and fines on Monday, saying he has no prior arrests and has a low likelihood of recidivism.

  5. April 17, 2017

    Cay Clubs Ex-CFO Slams Sentencing Suggestions

    A Florida real estate executive blasted prosecutors' recommendation of a 93-year prison sentence and millions in restitution and fines for his conviction on bank fraud charges and a tax offense in connection with an alleged $300 million Ponzi scheme, saying Monday that the presentence investigation report disregards the facts, evidence and jury findings.

  6. March 06, 2017

    Jury Finds Cay Clubs Ex-CFO Guilty Of Bank Fraud

    A federal jury has found a Florida real estate executive guilty of bank fraud and a tax offense in connection with an alleged $300 million Ponzi scheme run out of the purported luxury resort development company Cay Clubs Resorts and Marinas.

  7. February 17, 2017

    Cay Clubs Ex-CFO Fights Gov't Request To Clarify Order

    A former Florida real estate executive facing charges related to an alleged $300 million Ponzi scheme blasted the government's request for clarity on a pretrial order, saying Friday he won't be raising arguments the court has barred.

  8. February 15, 2017

    Cay Clubs Ex-CFO Seeks To Keep Tax Report Out Of Trial

    A former Florida real estate executive facing federal charges of bank fraud and tax offenses related to an alleged $300 million Ponzi scheme on Wednesday asked the judge overseeing his upcoming trial to exclude a tax analysis because he's "not on trial for tax fraud of any sort."