An El Paso County Grand Jury has indicted Ray Marshall on 33 counts, alleging security fraud and theft. He's accused of bilking investors of thousands of dollars, possibly millions of dollars.

You may recall Marshall is the developer for Landco, the company who initially was chosen by the city of Colorado Springs and the United States Olympic Committee to build the USOC's headquarters downtown. These accusations have nothing to do with the USOC deal.

Marshall, as well as the president of his company, James Brodie are reportedly accused of taking money from investors for one project and putting those funds into another project without their knowledge or consent.

Now, many people who made investments are out thousands of dollars and may have nothing to show for it.

Marshall's attorney released this statement: "Ray Marshall is not guilty of any crime. It is unfortunate that scarce governement resources are being wasted in the prosecution of an innocent man."

Both men are due in court next week.

The district attorney tells 11 News if the developers are found guilty, a judge would decide their fate. They potentially face up to 16 years behind bars for each of the 33 counts.

The following news release was sent out at 12:30 p.m. Wednesday from the El Paso/Teller County District Attorney's Office:

After a six month investigation, the Grand Jury returned a 33 count Indictment against Raymond Marshall, DOB 02/14/1964 and James Brodie DOB 07/01/1968. The charges contained in the indictment include a Violation of COCA -Colorado Organized Crime Act., a Class 2 Felony, Securities Fraud charges, class 3 Felonies and Theft charges, Class 3 Felonies.
Both Marshall and Brodie were arrested this morning after voluntarily surrendering to authorities. They have posted bonds of. $50,000.00 each, and are set to appear in court on December 2, 2009 at 3:15 P.M. in room W160 for advisements.