DENVER — Two people have been sentenced to federal prison for their roles in a Colorado real estate investment scheme that prosecutors say defrauded more than 400 people of at least $30 million.
The U.S. attorney’s office said Tuesday that Philip R. Lochmiller Jr. was sentenced to eight years in prison for money laundering and conspiracy to commit securities and mail fraud.
Shawnee Carver was sentenced to serve two years for conspiracy to commit securities fraud and mail fraud.
They were indicted a year ago and both plead guilty.
Prosecutors say investors were promised returns of up to 18 percent on real estate developments but that the total amount invested exceeded the developer’s assets.
Prosecutors say investors’ money was used for interest and principal payments to other investors and for personal expenses.
