COLORADO SPRINGS — High-profile Colorado Springs developer Ray Marshall was arrested Friday on two charges of theft and another racketeering charge for allegedly stealing more than $1 million in grant funds intended to pay for a new headquarters for the U.S. Olympic Committee and two related projects.
Marshall, 47, was released Friday from the El Paso County Criminal Justice Center after posting $50,000 bond. Marshall was scheduled to appear before Judge Barney Iuppa on Monday.
Most of the money Marshall allegedly diverted came from $2 million in grants the El Pomar Foundation made to the city to pay the costs of remodeling a former Colorado Springs Utilities building into offices for Olympic-related organizations and to remodel a downtown building to house the USOC until its headquarters was completed.
