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COLORADO SPRINGS, COLO. -- A local developer with ties to both the mayor and the new United States Olympic Committee (USOC) building is indicted by a grand jury.

The district attorney announced Wednesday that a state grand jury returned twin 33-count indictments against developer Raymond Marshall and his business partner James Brodie.

The pair is accused of lying to investors to get them to hand over cash. Now the pair faces decades in prison.

Marshall and Brodie turned themselves in to law enforcement Wednesday morning.

They were booked into the El Paso County jail and bonded out in time for Thanksgiving dinner.

Marshall has had some sort of legal cloud over his head for years.

FOX21 News contacts at the Colorado Springs Business Journal report that Marshall had been sued by business partners well before he landed the contract for the new USOC building.

Then it was discovered Mayor Lionel Rivera had been Marshall's financial adviser from 2005 till 2008.

Now come 33 felony counts against Marshall and his partner.

"They are both part of Landco. Mr. Marshall was number one in command and Mr. Brodie was his assistant," said assistant district attorney Sam Burney.

Investigators with the district attorney's office opened an investigation after a number of complaints came into their office.

“Victims came to our office asked us to do the investigation. We did the investigation and the grand jury came back with 33 counts of indictment for both," said Burney.

The indictments allege Marshall and Brodie hid their lingering legal problems from investors and lied about their business degrees. And because the men worked together they are also charged under Colorado’s Organized Crime Act.

"It deals with an enterprise that’s working to do a couple of criminal acts in order to financially benefit," Burney said.

Investigators say they're not sure how much money the pair stole. But a conservative estimate is a quarter of a million dollars.

"Both Mr. Marshall and Mr. Brodie are innocent unless proven guilty," said Burney.

Marshall has already hired a high-powered defense attorney.

Denver's Pamela Mackey defended her client in a statement saying:

"Ray Marshall is not guilty of any crime. For many years ray has brought jobs and development opportunities to our community. He successfully fought to keep the United States Olympic Committee headquarters in Colorado Springs and has championed the redevelopment of the downtown area. It is unfortunate that scarce government resources are being wasted in the prosecution of an innocent man," wrote Mackey.