DENVER—A federal grand jury has indicted three people on charges of conspiracy and fraud over an alleged investment scheme involving millions of dollars.
The U.S. Attorney’s Office said Wednesday that the owners and operators of Valley Investments in Grand Junction didn’t deliver on a promise of returns as high as 18 percent for investing in their business of developing subdivisions with manufactured and mobile homes.
Indicted were company owners Philip R. Lochmiller and Philip R. Lochmiller II, and employee Shawnee Carver. Phone numbers listed for them were disconnected.
Prosecutors say the Lochmillers and Carver solicited about $31 million from as many as 400 investors, knowing their business wasn’t generating enough profits. Prosecutors say the suspects used money from new investors to pay existing investors.
