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A Denver jury on Thursday found developer Jack Arbess not guilty of a racketeering charge and 11 counts of theft.

Prosecutors said that Arbess, 51, transferred $3.8 million from investors to a personal bank account between 2002 and 2007.

A grand jury indicted Arbess in 2009. He owned Gulfstream Management Corp. at the time.

Arbess’ attorney said jurors deliberated for less than two hours before making their decision.

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