New details in Valley Investments investigation
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Updated: 8:57 PM Jun 29, 2009
New details in Valley Investments investigation
New details about the investigation into Valley Investments.
Posted: 3:37 PM Jun 29, 2009
Reporter: KKCO
Email Address: tips@nbc11news.com
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New details about the investigation into Valley Investments.

Sources close to the case tell 11 News there may be as many as 200 victims with up to $30 million invested.

We first told you about the investigation in May.

Grand Junction Attorney Kirk Rider has been appointed by the state to collect and give back money and land to those investors.

And now, since looking at financial statements, he believes Phillip Lochmiller and Valley Investments were running a Ponzi Scheme.

The case is still under investigation by the FBI and the Colorado Division of Securities has already filed a lawsuit saying Lochmiller and his company have committed fraud.
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