Colorado real estate developer Jack D. Arbess has been acquitted on all charges against him in an indictment that accused him of theft and racketeering.
Arbess had been accused in the 2009 indictment of taking $3.8 million from investors.
A Denver District Court jury reportedly took less than two hours Thursday to find him not guilty on all counts.
Arbess was tried on 11 counts of theft and one racketeering count.
The indictment alleged that Arbess, president of Gulfstream Management Corp. of Aurora, was involved in racketeering activities between 2002 and 2007 related to a Jefferson County real estate project called Eagle View.
The indictment alleged that Arbess transferred Eagle View funds into his Gulfstream account, and used the funds for personal purposes.
Arbess had pleaded not guilty to the charges. Arbess was represented by attorney Gary Lozow, of the Denver law firm of Isaacson Rosenbaum. Deputy District Attorney Joe Morales prosecuted the case.
Arbess was initially tried on the charges in 2010, but a mistrial was declared when a juror made “inappropriate conduct,” Law Week Colorado reported at the time, and another trial was held.
See all your followed company news on your personalized dashboard.
To access the full benefits of bizWatch and receive a weekly email with aggregated news on all the companies you are following, please provide your email address below.
You must have a bizjournals account to follow a company.
Please Log In or Register.