Colorado Springs developer files for bankruptcy protection

Colorado Springs developer Ray Marshall and more than 80 partnerships and limited liability companies in which he owns an interest have filed for bankruptcy protection.

Marshall’s involvement in the U.S. Olympic Committee headquarters project led to charges of theft and racketeering. Marshall’s debts include a $1 million judgment from First Citizens Bank of Raleigh, N.C., which took over the failed United Western Bank in Denver that had financed the USOC building renovation.

Marshall cited $4 million in debts stemming from his developments.

According to the Colorado Springs Gazette, Marshall still faces six theft and racketeering charges in connection with allegations that he diverted $1 million in grants and city funds from a $42 million deal to keep the USOC headquarters in Colorado Springs.