Tribal leaders have alleged for years that the federal government was not aggressive enough in its management and investment of the water settlement monies. They also have balked at strings attached to the money — only the interest could be withdrawn, and it had to be expended mainly for economic development projects pre-approved by two separate government agencies. In addition, the settlement funds could not be doled out to individual tribal members.

Tribal members say Venture Board members have no expertise in high finance and are easily swayed by Jurrius. Jurrius is paid $50,000 a month by the tribe and receives a 10 percent commission on business deals he arranges for the tribe.

Business Committee members were unavailable for comment Tuesday.

Tribal leaders so far haven't released any plans for managing their millions. The federal government cannot release the tribe's private investment plans, either, said Carrie Moore, director of external affairs for the Office of the Special Trustee for American Indians. However, Moore said the tribe's proposed investment and management plans had to meet stiff requirements to win approval for release of the money. In addition, the tribe is expected to continue to comply with rules established by the government for use of the water settlement money.

"The regulations state that tribes that withdraw their funds are still bound by the settlement act for which the judgment was provided in the first place — whatever the provisions were are carried over," Moore said.

At the same time, she acknowledged that once the money is given to the tribe, the government no longer has any trust or fiduciary responsibility in case of mismanagement.

"The regulations require that the tribe develop a management and investment plan to protect against the loss of principal or other money, but it will be up to the tribe to provide against the loss," she said.

Because it is a trustee, OTFM is required to invest the tribe's money in conservative accounts to guard from the possibility of loss and potential financial devastation for the tribe. Ironically, the agency is facing lawsuits alleging the loss of millions of dollars which it has held in trust for tribes and individual Indians.

The Ute Tribe Business Committee began applying for withdrawal of the funds four years ago, shortly after Jurrius was hired as their financial adviser.

An Oct. 26, 2001, letter to then-Ute Tribal Chairman Floyd Wopsock from Margaret Williams, OTFM director, said the federal government had "several concerns" regarding a resolution passed by tribal leaders that directs the Jurrius Group to withdraw the tribe's millions and reinvest proceeds "in the present market."

"Reinvestment in today's market will produce greatly reduced future earnings and all parties must be aware of such consequences," Williams wrote in her letter to tribal leaders.