GRAND JUNCTION, Colo. (KKCO) - A man accused of stealing millions of dollars from local investors has been arrested after being indicted by a federal grand jury.

Valley Investments owner 61-year-old Philip R. Lochmiller of Mack was Wednesday afternoon without incident. He, his son and an employee were indicted for conspriacy and fraud Tuesday.

Owners and operators of Valley Investments, 61-year-old Philip R. Lochmiller of Mack, his son Philip R. Lochmiller II of Olathe, KS and employee 33-year-old Shawnee N. Carver of Grand Junction were indicted Tuesday by a federal grand jury in Denver.

Lochmiller Sr. and Carver will make initial appearances Thursday in federal court in Grand Junction. The indictment alleges Lochmiller Sr. failed to disclose a prior conviction for securities fraud in California, that the Lochmillers failed to disclose that the Colorado Division of Securities issued a letter in June of 2001 insisting Valley Investments to cease the offering and advertising of unregistered securities. Both Lochmillers also failed to disclose prior bankruptcy filings.

11 News will have more on this developing story on 11 News at 5:30 and 10 p.m.