Landco Chairman and President indicted
Posted : Nov 25, 2009 2:54 PM
Updated: Nov 26, 2009 6:50 AM
The President and Chairman of LandCo Equity Partners have been indicted on 33 counts, including theft, and violating the Colorado Organized Crime Act.
Chairman Raymond Marshall and President James Brodie were indicted last night by a grand jury in Colorado Springs. They were arrested Wednesday morning, and posted a bail of $50,000 each. They are set to appear back in court on December 2.
Ten investors are named in the charging document. El Paso County District Attorney Dan May says the Grand Jury began investigating the two men six months ago, after investors came forward with their theft allegations. Marshall and Brodie are charged with securities fraud, theft, and conspiracy to commit theft over $15,000 against each victim. There is one count of violating the Colorado Organized Crime Act.
Facts in the indictment against Marshall state that in 1993 he sold his airline baggage delivery service to Cosmoway International. That company later filed suit against Marshall for fraud and breach of contract. Marshall filed for chapter 11 bankruptcy. None of this was disclosed to his investors.
He also told investors that he had a degree from the University of Colorado, and attended graduate school at the Anderson School of Business. He also said he owned a rock quarry in Southern Colorado with 400 million tons of rock. According to the indictment, none of this is true.
LandCo is the local real estate development firm that constructed the new downtown building for the U.S. Olympic Committee. There doesn't appear to be any connection to the USOC deal in these indictments.
Pam Mackey is the attorney for Ray Marshall. In a written statement, she says, "Ray Marshall is not guilty of a crime. For many years Ray has brought jobs and development opportunities to our community. He successfully fought to keep the United States Olympic Committee headquarters in Colorado Springs and has championed the redevelopment of the downtown area. It is unfortunate that scarce government resources are being wasted in the prosecution of an innocent man."
John Leavitt, a spokesperson for Colorado Springs, says the city is no longer affiliated with LandCo. LandCo, however, does own the bottom floor of the new USOC building.
