Fred “Dave” Clark, founder of the defunct Cay Clubs Resorts and Marinas that the feds say was a $300 million Ponzi scheme, was convicted by a federal jury Friday of three counts each of bank fraud and making a false statement to a financial institution and one of obstructing the U.S. Securities and Exchange Commission by lying to the regulatory agency.

Clark, 57, was accused of using the Tavernier-based Cay Clubs as his own bank account, extracting $22 million from it from 2005 to 2007 and using the money on waterfront homes, cars and planes. He founded Cay Clubs and was its chief executive officer.