Federal grand jury hands up sealed indictments in July 2005 killing of Causey man.

A federal grand jury on Monday indicted 27-year-old James Taylor on racketeering and murder charges in connection with the July 8, 2005 shooting death of 71-year-old Jimmy "Bo" Chunn, a rancher from Causey, the Clovis News-Journal reported.

Roosevelt County sheriff's deputies on Monday also arrested 42-year-old Billy Joe Watson on racketeering and drug charges, according to the News-Journal.

District Attorney Matt Chandler said in a news release that the two cases are connected but declined to say how, the News-Journal reported. The federal indictments returned on Monday will remain sealed while an investigation continues, Chandler said.

Taylor has been in federal custody in Las Cruces where he has been held on unrelated firearms charges since early in the investigation of Chunn's death, the paper said.

Watson, who was charged with interstate racketeering and conspiracy to manufacture more than 50 grams of methamphetamine, was being held without bond at a federal holding facility in Las Cruces, Chandler said in the news release.

Portales police Capt. Lonnie Berry told the News-Journal that he has known for some time that the indictments were coming.

"We're just glad to finally get it behind us," Berry told the paper.

Here's what The Associated Press reported at the time of Chunn's death.