Buyers Suing Clearwater Cay Club

The developers of Clearwater Cay Club Resort promised to build a luxurious condominium complex modeled after Las Vegas' Venetian hotel. The gondolas and water parks never materialized, so now 23 disgruntled buyers are suing Cay Clubs in federal court, accusing the company of violating securities laws. The buyers say businessmen Dave Clark, Ricky Stokes and Dave Schwarz lured them into contracts with the "false illusion" of quick profits and easy rental income, but left them holding apartments worth half of what they paid for them. The buyers, none local, include airline pilots who invested more than $1-million in units at the complex facing Tampa Bay.

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