GJ man accused of defrauding investors due in federal court

By: KKCO Email
By: KKCO Email

GRAND JUNCTION, Colo. (KKCO) - The man accused of defrauding hundreds of Grand Valley residents out of more than $30 million has a date in Federal Court in Grand Junction Tuesday.

Philip Lochmiller Sr. will be arraigned on charges surrounding a multi-million dollar ponzi scheme.

The U.S. Attorney's Office says, as the owners and operators of Valley Investments in Grand Junction, Lochmiller and his son Philip Lochmiller Jr. didn't deliver on a promise of returns as high as 18% for investing in their business of developing subdivisions with manufactured and mobile homes.

Both Lochmillers and Valley Investments employee Shawnee Carver were indicted last week in federal court.


You must be logged in to post comments.

Username:
Password (case sensitive):
Remember Me:
KKCO NBC 11 News
2531 Blichmann Avenue
Grand Junction, CO 81505

Station Phone: 970.243.1111
Business Fax: 970.243.1770
Newsroom Fax: 970.245.3793
News Tip & Contest Line: 970.255.8477
Copyright © 2002-2016 - Designed by Gray Digital Media - Powered by Clickability 79887392 - nbc11news.com/a?a=79887392
Gray Television, Inc.