A grand jury has indicted LandCo Equity Partners chairman Raymond Marshall and president James Brodie on charges they misled investors and stole thousands of dollars from them.
The 33-count indictment against the members of the Colorado Springs firm alleges violations of the Colorado Organized Crime Act, securities fraud and theft, all felonies, according to the 4th Judicial District attorney’s office.
Marshall and Brodie voluntarily surrendered Wednesday, the district attorney’s office said.
Both have posted bonds of $50,000 and are to appear in court Wednesday for an advisement hearing.
LandCo is the real-estate development firm that renovated the Colorado Springs headquarters for the U.S. Olympic Committee. Prosecutors said the indictments were unrelated to the USOC building.
The 4th Judicial District grand jury returned the indictment Tuesday night after a six-month investigation into the developers’ business dealings.
Neither Marshall nor Brodie immediately returned calls seeking comment.
Marshall “is not guilty of any crime,” said Pamela Mackey, Marshall’s Denver-based attorney.
The people listed as victims in the indictments were Colorado Springs residents, “for the most part,” said Deputy District Attorney Samorreyan Burney of the Economic Crimes unit. “They were investors in several real-estate developments around town.
“It was a complex matter that involved a number of individuals and a number of properties,” Burney said, explaining the length of the investigation. “We filed our indictment, and we’re happy about that.”
The indictment lists 15 victims, most of whom are alleged to have lost more than $15,000.
The racketeering charges are alleged to have occurred between January 2000 and March 2007. The securities-fraud charges allegedly occurred between Sept. 8, 2006, and Dec. 20, 2006.
According to the indictment against Marshall, he failed to disclose to investors in Colorado Materials Holding Corp. that he had filed for Chapter 7 bankruptcy in June 1996.
The indictment also charges that Marshall falsely claimed he had a degree from the University of Colorado.
