A mistrial has been declared in the case of a businessman accused of operating a $300 million vacation rental fraud scheme.

U.S. District Judge Jose E. Martinez ordered the mistrial Friday in Miami after jurors deadlocked in the case of Fred Davis "Dave" Clark Jr., the former president of now-defunct Cay Clubs Resorts and Marinas. His wife, Cristal Clark, a top sales agent, was acquitted on all counts.

The Clarks were accused of defrauding banks and about 1,400 individual investors through a series of misleading marketing materials and false statements.

Dave Clark's defense traced the company's problems to the financial recession, and Cristal Clark contended she relied on her husband and his advisers.

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