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.