MIAMI HERALD:  Two agree to testify against executives in Cay Clubs fraud case

Cay Clubs …sought to sell individual units to investors as condo-hotels.

By Kevin Wadlow

December 25, 2014

Plea agreements signed by two top sales executives with the failed Cay Clubs Resorts and Marinas firm might require them to testify in other cases related to the $300 million collapse of the company.In a federal hearing in Key West, Barry J. Graham, 59, and Ricky Lynn Stokes, 54, both of Fort Myers, each pleaded guilty Dec. 9 to one count of conspiracy to commit bank fraud.”The defendant agrees that he shall cooperate fully” with South Florida U.S. Attorney’s Office prosecutors, according to the agreements signed separately by Stokes and Graham.That cooperation includes “providing truthful and complete information and testimony … at any trial or other court proceeding.”

A fraud trial for Cay Clubs founder Fred “Dave” Clark and his wife Cristal Coleman Clark, also a company executive, is set to start March 16 in Key West federal court. The Clarks have entered not-guilty pleas on multiple fraud counts from the Cay Clubs debacle, which the feds have termed a Ponzi scheme.  Read more: