GRAND JUNCTION, Colo. (KKCO) - Authorities say two of the three suspects in a multi-million dollar ponzi scheme have been arrested.
The owner of Valley Investments Philip Lochmiller Sr. made his first appearance in federal court Thursday.
11 News was in the courtroom as Lochmiller Sr. arrived at court in handcuffs and left a free man.
11 News asked Lochmiller Sr. if he had anything to say, he told us ‘no.’
Lochmiller Sr. was one of the owners of Valley Investments and is accused of taking in more than $30 million from about 400 people.
While our cameras were not allowed inside the courtroom, it was full of his victims, many of whom say they’ve lost everything.
Lou Zangerle is a victim and says, “He lies, he’s a liar and he’s a cheater, he’s dangerous and he’s gonna cheat someone else. He was in prison before for it, they need to lock him up.”
Lochmiller was released about an hour later and is free on a $100,000 personal recognizance bond. He would have to pay that if he fails to show up for court or flees.
Lochmiller’s son, Philip Lochmiller Jr. surrendered to Denver authorities Thursday and his personal assistant Shawnee Carver is expected to turn herself in soon.
Lochmiller Sr. will be back in court next week.