Federal court in Florida says it needs more time to review motions from banks and ratings agencies.
Florida filing says Richard and Susan Olive bilked $75 million from more than 400 investors in more than 30 states.
Instead of using investor funds to develop resort properties, SEC said, Cay Clubs executives used new investor deposits to pay leaseback returns to earlier investors.
In a $100 million lawsuit from Space Coast Credit Union against several Wall Street banks and credit rating agencies, a federal judge has ordered the parties to get together at a nonbinding mediation session.
The SEC has charged the holding company for one of Florida’s largest banks and its CEO with misleading investors about growing problems in one of its loan portfolios.