A jury found developer Ray Marshall not guilty on 17 counts of securities fraud, theft and conspiracy Monday afternoon.
The jury began deliberating last week after three weeks of testimony in what was expected to be a nearly three-month long trial.
Marshall was accused of stealing $3.1 million from 11 investors and diverting funds to cover cash shortages in his LandCo Equity Partners development.
The jury found him not guilty on 14 separate counts of securities fraud, two counts of theft and one count of conspiracy to commit theft.
Arguments ended a week ago.