A jury on Monday found prominent Springs developer Raymond Marshall not guilty on all charges of securities fraud, conspiracy to commit theft, and theft.
A grand jury had indicted Marshall in 2009 on allegations that he misled investors in real estate deals and diverted millions to solve a cash shortage at his firm, LandCo Equity Partners.
One investor Marshall was accused of stealing from told KRDO Newschannel 13 that the verdict was "a shame."
In a statement, the 4th Judicial District Attorney's Office said:
"We are grateful for the jury's efforts in this case. Having deliberated for a week, it's clear it was not an easy decision. Financial cases, with voluminous amounts of evidence to consider, can be difficult to prosecute, but we thank the jury for their time and careful consideration."
KRDO Newschannel 13 reached out to Marshall's attorneys multiple times Monday and went to several homes to get a comment from Marshall, but no one responded to our requests.
Marshall will be back in court for a second criminal trial in coming months. He will face charges alleging he stole more than $1 million in grant money intended to pay for a new headquarters for the U.S. Olympic Committee and two related projects. Marshall faces several theft charges and a racketeering charge in that trial.
Marshall has a preliminary hearing in that case on May 31.