As the fraud investigation into Valley Investments continues, a new Web site has been launched to help investors follow the case and potentially get some of their money back.
Local attorney Kirk Rider was recently given control of Valley Investments property and money after a Denver District Court shut down the company's operations last week. As the court appointed receiver, Rider's job will be to figure out what kinds of assets the company has and to create a claims process where investors might be able to get some of that money back.
He hopes his new Web site will help them keep keep track of that progress. But he adds the prospects don't look great and that it will take some time.
A locksmith was out at the Valley Mortgage and Investments building early Thursday morning, changing the locks for the new people in charge. After letting FBI agents into the building for a look around, attorney Kirk Rider went in looking for information on just what kind of assets the company controlled.
"Literally we don't know how many investors and dollars are out there and we're just starting to get a handle on the assets," said Rider.
But he says what he found there wasn't much.
"The folder that was labeled investors had no paper in it," said Rider.
Rider says FBI agents found paper and computer records outside of Grand Junction in Valley Investment President Phillip Lochmiller's car, and they were just issued a search warrant to go through them. Rider hopes to have them in about a week.
"We don't have the records and we're trying hard to get them," said Rider.
Meanwhile, he's launched a website to keep investors up to date on what's happening. He says once it's approved by the courts, he'll post a claims process where investors can fill out the appropriate paperwork to let him know how much they invested with the company. He'll also post the latest on court proceedings and let investors know when he plans to do teleconferences to answer their questions.
But one question he knows he'll be asked, he doesn't have a happy answer for.
"They shouldn't expect to receive the monthly income they've been receiving," said Rider. "I don't think it's realistic to expect a large recovery."
While he says he'll work hard to get them back every penny he can, he wants them to know it will take time.
"We just can't make these large groups of people respond as quickly as we would like," said Rider. "It's going to be a difficult process."
Rider wants to remind investors his only role in this case is as receiver of Valley Investments and that he is not representing them as an attorney. He recommends that anyone who gave Valley Investments money hire their own attorney.
To view the Web site, click the link below.