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.