Developer Charged With Stealing, Laundering Money
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.
You have to watch those developers who promise more than they can deliver and operate through numerous LLC’s; they are usually working to hide something. Anyone in Moreno Valley know of any developer who shows these same traits?
Iddo Benzeevi Business List (as of 05/11/2011)
Anco Farms, LLC
Anco Farm House
Aqua Bella Holdings, LP
Aqua Bella GP, LLC
Benzeevi Cohen Realty Service, INC.
Benzeevi Fairview Holdings, LLC
Benzeevi Realty Investments, LLC
Eastgate Holdings, LLC
Eastgate Properties Partners, LLC
Executive Housing, LLC
HF Educational Partners, LLC
HF Logistics, LLC
HF Logistics I, LLC
HF Logistics-SKX, LLC
HF Logistics-SKX T1, LLC
HF Logistics-SKX T2, LLC
HF Phase II Properties, LLC
HF Properties, LLC
HFP Phase II Holdings, LLC
HFP Realty Investments, LLC
Highland Fairview, LLC
Highland Fairview Communities, LLC
Highland Fairview Construction, INC.
Highland Fairview Holdings, LLC
Highland Fairview Operating Co., GP
Highland Fairview Partners, LLC
Highland Fairview Partners III, LLC
Highland Fairview Partners IV, LLC
Highland Fairview Partners V, LLC
Highland Fairview Partners VI, LLC
Highland Fairview Partners VII, LLC
Highland Fairview Partner VIII, LLC
Highland Fairview Properties, GP
Highland Fairview Properties, LLC
IB Colville Holdings, LLC
IB Engineering Holdings, LLC
IBF Che Holdings, LLC
IBF Eastgate Holdings, LLC
IBF Educational Holdings, LLC
IBF Gateway Office Holdings, LLC
IBF HFM Properties, LLC
IBF Highlanderson Holdings, LLC
IBF HL Properties, LLC
IBF Ironwood Holding, LLC
IBF Land Management Holdings, LLC
IBF Mabon Holdings, LLC
IBF Phase II Holdings, LLC
IBF Resources, LLC
IBF Sand Holdings, LLC
IBF Skinner Holdings, LLC
IBF Sunnymead Holdings, LLC
IBF Theodore Properties, LLC
IGB Holdings, LLC
Ironwood Holdings, LP
Ironwood Properties Partners, LLC
Moreno Valley Properties, LLC
New Sand Holdings, LLC
Professors Highlanderson Holdings, LP
Professors Highlanderson Properties Partners, GP
Sand Properties Partners, LLC
Sinclair Property Partners, LLC
Skinner Property Partners, LLC
Skinner Holdings, LP
Sunnymead Holdings, LP
Sunnymead Properties, LLC
Westcoast Properties Partners, LLC