Updated: 3:06 PM Feb 7, 2012

A developer, Raymond Marshall, is accused of stealing over $1 million from three projects in Colorado Springs and funneling the money to his other business interests.

http://www.kktv.com/home/headlines/Developer_Charged_With_Stealing_Laundering_Money_138882829.html

A developer is accused of stealing funds from three projects and laundering the money through a variety of accounts to make it look like legitimate business.

According to court documents, Raymond Marshall convinced business partners that he could find funding through his various connections and form special tax districts. Marshall did business as LandCo LLC, LandCo Equity Partners and other related names.

The documents, written by the District Attorney’s Chief Investigator, say Marshall laundered money that was obtained through fraudulent business practices, or diverted money from grants and loans. That money was put through the bank accounts of his various businesses to make it seem like they funds were obtained legitimately.

The loans and grants were supposed to go to projects at 19 North Tejon Street, 27 South Tejon Street and 30 Camino Drive in Colorado Springs.

In all, Marshall and his businesses are accused of stealing over $1 million. More than $600,000 of that money was from various escrow funds granted to the City of Colorado Springs for two different projects.

Marshall is accused of submitting duplicate invoices to pull money from different accounts holding those funds. In another instance, he is accused of submitting phony invoices in the name of a fake construction company to the City.

He is accused of using the stolen funds to pay for other LandCo related projects and developments that were not the designated recipients for those funds. He also used the money to purchase or increase his ownership interest in real estate businesses.